Answers On Topic: Retiring partner
If a retiring partner accepts a sum lesser than [capital -accmulated losses] what is tax impact on firm/LLP and partner post amended 45[4] etc ?
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M/S. ABC is partnership firm, having 4 partners. As per retirement deed executed on 31.03.22, two partners retire from the firm w.e.f.1.04.2022. As on the date of retirement these two partners were debit balalce in the firm. Firm is continued by the continuing partners and writoff the amount due from the retirng partner and claimed as expenditure. 1. Whether firm can claimed this As expenditure? 2. Whether any tax liability in the hands of firm ? 3. Tax implication in the hands of partner ? Whether they are liable to pay tax on amount payable by them to firm?
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Even after amendments , if a retiring partners takes only capital balance in his account , what will be impact on taxation of firm/partner of reconstitution caused by retirement ? Will it amount to relinquishment of rights in FMV of properties to new partners at Zero value ?
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Assessee is partnership having 4 partner engaged in the business of construction of housing project. Two partners express their desire to retire from partnership. As a consideration on retirement they are going to received constructed area in the housing project with in next 4 years which includes residential as well as commercial units. What is tax implication under GST act of this transcation . Who is liable to.pay gst and when.
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retiring partner