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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

Answer ID : 80236

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