Transfer of Capital Assets by partner to Partnership Firm
This query is : Resolved
06 October 2023
The Capital Gain arising from the Transfer of capital Assets by partner to Partnership firm how is exempt form the Capital Gain TAX
06 October 2023
A capital asset is transferred by a partner to his partnership firm by way of his capital contribution (or otherwise). It is treated a “transfer” and capital gain will be taxable in the hands of the partner. The amount recorded in the books of account is taken as full value of consideration.
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