Sale of share in firm by a partner
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 October 2011
Mr. A and Mr. B are partners in M/s AB & Co.
Mr. A sold his share to Mr. C for Rs. 10 lacs on 31-03-2011. The partners capital as per audited balance sheet as on 31-03-2011 was Rs. 5 lacs and Rs.4 lacs of both the partners.
Would there be any income tax liability to Mr. A towards profit on sale of his share?
Mr. A sold his share to Mr. C for Rs. 10 lacs on 31-03-2011. The partners capital as per audited balance sheet as on 31-03-2011 was Rs. 5 lacs and Rs.4 lacs of both the partners.
Would there be any income tax liability to Mr. A towards profit on sale of his share?
31 October 2011
No tax liability on Mr. A....it will be regarded as capital Recipt...(Based on a case law...)
Message likes :
1 times
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 October 2011
kindly provide the case law on this.
09 July 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
