Cash payment to partner
This query is : Resolved
09 September 2008
Dear Sir,
In the case of Partnership firm as on 31-03-2008 partnership firm was dissolved and partnership firm converted into proprietorship firm and retiring partner has received his share in cash exceeding Rs. 20000/-.
I want to know that whether contuining partner(proprietor) can paid cash to retiring partner. I also see section 269ss and 269T but can't get any clue.
In the case of Partnership firm as on 31-03-2008 partnership firm was dissolved and partnership firm converted into proprietorship firm and retiring partner has received his share in cash exceeding Rs. 20000/-.
I want to know that whether contuining partner(proprietor) can paid cash to retiring partner. I also see section 269ss and 269T but can't get any clue.
Guest
Guest
(Expert)
09 September 2008
Regarding cash payment in excess of Rs. 20000/- please note that the section covers only those payments which you are going to take as deduction of expenditure from your income hence the payment towards capital will not attract the said section.
Rohit
Rohit
09 September 2008
Mr.Rohit is absolutely correct.
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