05 February 2011
a partner retire from firm n received rs. 30 lakh against rs. 10 lakh as his capital balance on retirement date....... i wanna to know 56(2)(vii) will attaract or not.......
05 February 2011
The extra amount received by the partner is not a gift. It may be deemed as additional amount received against the value of the assets left in the firm.
CAclubindia
