capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
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
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
Any paid paid to retiring partner to the extent of his capital in the firm is not taxable. Anythinf over and above the credit balance in firm is taxable in the hand of the Partner.
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