Question And Answer
Subject: withdrawal of a flat by partner
Category: 
Querist: bs
Answered by:
Tags: ,
Date: May 14, 2023
Query asked by bs

On 8-11-2016 at 7 p m  , a partner withdrew a flat out of stock in trade  of that firm at cost [mkt value was 10 times]

The same was regd later in his name with a proper stamp duty on mkt value[10 times cost]

is it liable to any tax under the Income Tax Act?

Is it covered by PMLA ?

 

 

 

 

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Section 43CA will apply to the firm and the firm will have to consider the market value as sales proceeds. PMLA may not be applicable



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One comment on “withdrawal of a flat by partner
  1. BS says:

    Is withdrawal of a flat by partner a transfer ?

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