Question ID : 21237

45(4), 9B

Fact of the case:-
A partnership firm is to be reconstituted where one partner is retiring and one new partner is coming. The firm has some LAND acquired many years ago. At the time of reconstitution neither the land is revalued nor any part of the land is given to the retiring partner. The retiring partner is getiing only the closing capital balance and nothing else.
Query- Whether section 45(4) and 9B are applicable in the above situation where no distribution of the LAND. If it is applicable then how the tax on deemed capital

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