25 July 2012
And Sales Consideration for the same will be the amount received from /debited to the partner. . Book Value of the asset will be treated as cost of Acquisition. . The firm will be liable to pay CG tax , if there be any.
26 July 2012
In my opinion, the fair market value will be taken as the sale consideration, if it is more than the amount recd/debited to the partner. The reason is that it will be treated as transaction between persons specified in sec 40(2)(b).
CAclubindia
