X is a partner in a firm along with other partners. Firm has some assets, properties etc. X has a debit balance in the firm of 10 lakhs . He leaves the firm With lump sum consideration 50 lakhs . Any tax implications for firm or partner?? The status of debit balance in the firm ??
Lumpsum Consideration on retirement from firm who is having debit balance U/Sec. 45(4) of income Tax Act