Taxability of a person to whom the profit share is assigned

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... I want 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 partners .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... hip firm 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 effe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... cts under 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 / sel .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ling his 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. - Taxability of a pers .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... on to whom the profit share is assigned - Query Started By: - NARESH GUPTA Dated:- 5-12-2009 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, p .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ersonal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X