Mahabaleshwara Rao (director) (197 Points)
05 February 2011A PARTNER SHARE INCLUDING CAPITAL AND CURRENT ACCOUNT BALANCE IS TRANSFERRED TO HIS MINOR SON AND HE RETIRES FROM THE FIRM, THE MINOR PARTNER WILL CONTINUE AS PARTNER FOR PROFIT ONLY.
WHETHER ANY CAPITAL GAIN TAX ATTRACTS AND OTHER SECTION APPLICALBE TO THE TRANSACTION.
PLEASE CLARIFY
THANKS IN ADVANCE
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 05 February 2011
as it is a gift from father to minor son, no such tax implications, but the profits would go in hands of father only
CAclubindia
