| Question And Answer | |
|---|---|
| Subject: | withdrawal of a flat by partner |
| Category: | Income-Tax |
| Querist: | bs |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | PMLA, Withdrawal by partner |
| Date: | May 14, 2023 |
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 ?
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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Is withdrawal of a flat by partner a transfer ?