02 August 2016
A partnership firm having three partners which carries construction work. A partnership Firm constructed an apartment. Three residential flats are unsold. The partners wish to distribute unsold flats amongst themselves (Treatment of capital Gain in case of transfer) and close/ dissolve the firm. What will be the treatment in the hands of firm as well as partners under Income Tax Act. Also, procedure for closure of partnership firm under IT Act & Other statute i.e. Partnership Act.
03 August 2016
A partnership firm having three partners which carries construction work. Firm constructed an apartment , three residential flats are unsold. The partners wish to distribute unsold flats amongst themselves ( Treatment of capital gain in case of transfer ) and close/ dissolve the firm. What will be treatment in the hands of firm as well as partners under Income Tax Act. Also, Procedure for closure of partnership firm under IT Act & Other Statute i.e. Partnership Act. Please guide me as early as possible
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