24 April 2012
As I have seen , the property is registered in the names of the partners. As the firm has not conducted any business and the outgoing partner is receiving Rs 18.00lac, against investment of Rs. 4.00 lac, in such a case it is clear that he is receiving the amount against his share in the property. . The retiring partner has to transfer his share in the property into the name of the new joining partner. . At this juncture, the Stamp Duty Officer will take into account the market value of the 1/3rd share, and Section 50C will start to play its role. The sales consideration of the property , will be the value taken by the Registrar. . In this way, the partner may have to pay almost entire receipts from firm towards the payment of capital gain Tax. . However, views of experts on this issue may be envisaged. .
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