{"id":31810,"date":"2023-01-05T20:06:41","date_gmt":"2023-01-05T14:36:41","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=31810"},"modified":"2023-01-05T20:06:41","modified_gmt":"2023-01-05T14:36:41","slug":"firm-reconstitution","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/firm-reconstitution\/","title":{"rendered":"FIRM RECONSTITUTION"},"content":{"rendered":"<p>A firm has 3 partners\u00a0 A,B and C.\u00a0 Partner\u00a0 B is retiring and his credit balance of capital\/current account is taken over by partner A. Partner A is issuing &#8220;memorandum of debt&#8221; to retiring partner C. The debt instrument is proposed to be registered with registration department of immovable properties paying requisite stamp duty for registration of debt instrument. The firm has immovable property and machineries and is a manufacturing concern.What are the tax implication for the firm, partner A and retiring partner C ?.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[376,197],"class_list":["post-31810","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-firm","qa_tag-reconstitution"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/31810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=31810"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=31810"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=31810"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=31810"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=31810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}