Taxability of capital gain in firm - revaluation of asset being ...

Income Tax

April 17, 2019

Taxability of capital gain in firm - revaluation of asset being land held by the partnership firm - money equivalent paid to retiring partners to enhanced portion of the assets re-valued does not constitute capital asset within the meaning of section 2(14) - There was also no transfer of capital asset by way of distribution of capital asset either on dissolution or otherwise within the meaning of section 45(4) r.w.s 2(14)

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Taxability of capital gain in firm - revaluation of asset being ...

Income Tax

April 17, 2019

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