Tax on receiot from firm
This query is : Resolved
Shankar Rao
(Querist)
16 October 2012
Dear all
one of the partner has retired from Partnership firm on 31.03.2012. On the date of retirment his capital balance was Rs.255000. While retiring he has received Rs.300000 towards final settlement. It is not decided in the firm to how to account it.
Wheather the difference amount of Rs.45000 received by the partner is Taxable in the hands of partner ?
if Yes under which head kindly let my know
Thanks in advance
one of the partner has retired from Partnership firm on 31.03.2012. On the date of retirment his capital balance was Rs.255000. While retiring he has received Rs.300000 towards final settlement. It is not decided in the firm to how to account it.
Wheather the difference amount of Rs.45000 received by the partner is Taxable in the hands of partner ?
if Yes under which head kindly let my know
Thanks in advance
CA MANOJ GUPTA
(Expert)
20 October 2012
IT WILL BE TAXED AS CAPITAL GAIN
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