capital gain

jimin (Chartered Accountant) (72 Points)

19 January 2008  

  if in a partenership firm all the parteners retired and new enter

the retiring parteners take the amt in excess of their bal in capital a/c.

whether they are liable to pay C.G.tax???

or the Firm??

what can be the effect of such transaction??

how to escape from paying C.G.??