Tax on payment to retiring partner
This query is : Open
08 October 2011
Dear Expert,
Pls advise on the below:-
A partner retires from a Firm. As per Books his Capital A/C on that date stands at Rs. 2 Lakhs.
1) Can his account be settled for Rs. 1 Lakh ? Tax implication in the hands of partner and the firm ?
2) Tax implication in the hands of partner and firm if account settled for Rs. 3 Lakhs ?
Kindly advise. Many thanks in advance.
Regards
G Sharma
Pls advise on the below:-
A partner retires from a Firm. As per Books his Capital A/C on that date stands at Rs. 2 Lakhs.
1) Can his account be settled for Rs. 1 Lakh ? Tax implication in the hands of partner and the firm ?
2) Tax implication in the hands of partner and firm if account settled for Rs. 3 Lakhs ?
Kindly advise. Many thanks in advance.
Regards
G Sharma
08 October 2011
According to me, no capital gain arises. let see what other expert says.
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?
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- 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
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
