Sale of Partnership Share

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2010 A Partner wishes to sell his stake in Partnership Firm (1 lac) to another person for Rs. 10 lacs. What is the nature of income for premium recd of 9 lacs in the hands of the partner?

Thanks

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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11 September 2010 Because this does not fall under exceptions of section 2(14) and this is the case of sale, therefore it should be taxable as sale of Capital Assets, i.e., Capital Gain should be there.

However, other experts should also show their opinions.

Regards!!!
Dinesh S. Adhikari

Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2010 Mr Dinesh
Thanks for u reply, plz clarify

if it is to be treated as Capital Asset, what is the Cost & Date of Acquisition. whether indexation benefit is avaiable.

Regards
Anil

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Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2010 This query is still open for discussion.