Two brother (A & B) started a hotel business by forming a partnership firm ,hotel building is tiltle in favour A only .Now they are dissolving the firm i know that it will attract section 45(4) if B get the building, but How the CG sholud be avoided becuase actualy it is distribution between two brother only
5 Replies
divva
(Industrial Trainee @ Ashok Leyland)
(348 Points)
Replied 04 July 2012
A can Gift the building to B as Gift cannot be transfer as per Sec 47(iii).
Gift deed can be executed, Since Gift from relatives is also not taxable.
divva
(Industrial Trainee @ Ashok Leyland)
(348 Points)
Replied 04 July 2012
What i doubt is- Transfer of property on liquidation to Members is not transfer u/s 46(i) will that apply even for partnership firm
ashwani
(CA)
(72 Points)
Replied 04 July 2012
Thanks divvya and valji for solving my query
divvya i my opinion the word liquidation is used in respect of company only so sec 46(1) will not be applicable here but again thank for solving the query as it was a difficult question.
ashwani
(CA)
(72 Points)
Replied 04 July 2012
But Gift received from relative is only exempt but here asset will be transferred from the firm hand ??
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