10 February 2011
when a partnership firm dissolves then how is the excess amount received over the capital contribution dealt??? Isn't it a capital receipt and hence will not be taxable please suggest me??
11 February 2011
If partners receive any capital asset then only that will be treated as capital receipt hence capitain gain would be there. However, if they receive in cash or Non-capital asset then there would not be any capital gain.
CAclubindia
