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capital gain

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(Querist)
28 September 2009 Will there be any tax liability when there is retirment of partner from firm? one of the partner retire by withdrawing his capital balance. No revaluation carried out in books of accounts.
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CA Puneet Jethliya

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CA Puneet Jethliya (Expert)
28 September 2009 "THE DISSOLUTION OF FIRM AND DUE TO WHICH DISTRIBUTION OF ASSETS IS NOT INCLUDED IN THE DEFINITION OF TRANSFER."

BUT THE RETIREMENT OF A PARTNER IS DIFFERENT FROM DISSOLUTION OF FIRM.

SO, THEREFORE IT IS TAXABLE UNDER THE HEAD CAPITAL GAIN.
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
28 September 2009 Agree with Expert
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