Question ID :
40449
taxation on retirement of partner
DEAR SIR, PLZ GUIDE ME RELATING TO TAXATION ON RETIREMENT OF PARTNER. IF PARTNER RESIGNS FROM PARTNERSHIP FIRM AND TAKEAWAY 1.50CR FROM AGAINST RETIREMENT FROM PARTNERSHIP. HIS INITIAL TO PARTNERSHIP FIRM ( CAPITAL ) RS.2071000/-. PARTNERSHIP FIRM ALSO HAVE THE LAND & BUILDING WORTH RS.3CR, BUT HE IS TAKING ALL MONEY IN CASH AND NOTHING TAKING IN FORM AS AN ASSET.
PLZ GUIDE RELATING TO TAXATION. HE IS IN PARTNERSHIP SINCE 1992.
Posted by
RAHUL MADHAVARAO KHANDEBHARAD
on
Nov 02, 2019
Filed Under
DIRECT TAXES
Amount received by partner from firm is not transfer as per Sec 2(47) as decided in
Sunil Sidharthbhai vs CIT 156 ITR 509
CIT vs Dynamics Enterprises 259 ITR 83
James P D'Silva vs DCIT ITA No 913/MUM/2016 Mumbai Triunal
Posted by
D SANTHANAM on
Nov 14, 2019