Tax implication
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 July 2011
If a partner is paid15,00,000=00 agaist his capital1,20,250=00 and retires from the firm, what will be the tax effect in the hands of that partner as well as in the hands of the firm? Firm is not having fixed assets but have some property as stock because it is a firm engaged in construction business
17 July 2011
means the diff is due to revluation of capital asset of firm....
firm is liable to pay tax on it.
firm is liable to pay tax on it.
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 July 2011
But Firm is not having fixed assets but have some property as stock because it is a firm engaged in construction business
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