Answers On Topic: Taxation of partnership firm
Assessee is a partnership firm having 17 partners engaged in the business of development of property . The said firm has one land which is hold as current assets having book value very less. In this firm two partners were admitted in the firm in the month of May. 2020, who are willing to invest the capital require for development of the said land and the project on the said land. Due to some reason the original 17 partners have decided to retire from the firm in the month of Dec. 2020. Before the retirement the partners have made revaluation…
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Assessee is partnership firm having 5 partners ,engaged in the business of construction. The firm has undertaken the construction of housing project. In the partnership deed, it is agreed by and between the partners that all partners will contribute the capital equally and their profit sharing is equal. It is also agreed that in case capital contribution is not made equally, then the profit sharing which is decided as equal, will be change as per the capital contribution by executing the fresh partnership deed. Accordingly partners have decided to execute the partnership deed and change the profit sharing ratio as…
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Retirement of Partners before amendment brought in Finance Act, 2021