Taxability of a person to whom the profit share is assigned

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..... Taxability of a person to whom the profit share is assigned
Query (Issue) Started By: - NARESH GUPTA Dated:- 5-12-2009 Last Reply Date:- 8-12-2009 Income Tax
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Income Tax
I wan .....

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..... t to know the tax liablity of the person if he assign his share of profit from a partnership firm in which he is a partner to any other person and 2nd case is if he transfer his share in partnership f .....

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..... irm to another partnership with that third person. Reply By Rama Krishana: The Reply: There are different situations. Assignment as a voluntary act or by overriding title have different effects under .....

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..... Income Tax. But, whereas the question is related to share in a partnership firm is there, I thing that there should not be any tax liability on the partner for transferring / assigning / selling his .....

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..... share to another person but if the same is done without any consideration that my be taxable in the hands of such other person (other than relatives) under section 56.
Discussion Forum - Knowledge .....

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..... Sharing .....

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