01 July 2010
Hi sir, As one expert said that any amount recd by a retiring partner during his retirement will taxable under capial gain
But my question is in one study material there is one case law that.Amount recd on retirement by a retiring partner in respect of his share in partnership firm including goodwill,is not assessable as capital gain(Mohanbai padmabhai 165ITR 166(SC).Lingamallu Raghu kumar 247 ITR 801(SC) Can any one tell me which is correct one
01 July 2010
Well even i think that it is not assessable to tax as capital gain.. Its like investment getting out. The profit which is added is already taxed before......
CAclubindia
