{"id":38361,"date":"2024-01-14T09:52:25","date_gmt":"2024-01-14T04:22:25","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=38361"},"modified":"2024-01-14T09:52:25","modified_gmt":"2024-01-14T04:22:25","slug":"partnership-firm-stock-in-trade-retiring-partners","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/partnership-firm-stock-in-trade-retiring-partners\/","title":{"rendered":"Partnership firm, stock in trade , retiring partners ?"},"content":{"rendered":"<p>The assessee is a partnership firm constituted by four partners having mainly stock in trade. The firm is reconstituted two partners of the firm have retired. The retiring partners are given stock in trade as their share the questions are as under:<\/p>\n<p>(i)\u00a0\u00a0\u00a0 The stock in trade given to the outgoing partner will be subject to capital gain or business profit, and it will be taxable in whose hands that is the hands of firm or the outgoing partner?<\/p>\n<p>(ii)\u00a0\u00a0 The second question is , will it be capital gains or business profit, and income tax that has been paid, weather will be added to the cost of remaining assets available in the ballot sheet of the firm. Although large amount of stock entry will still be available with the continuing firm?<\/p>\n<p>(iii)\u00a0 Will the situation will change if the stock in trade is only available and there is no capital asset what will happen in that scenario?<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[1120,503],"qa_category":[23],"qa_tag":[380,835,1134,614],"class_list":["post-38361","qa","type-qa","status-publish","hentry","qa_expert-mr-ganesh-purohit","qa_expert-senior-advocate","qa_category-income-tax","qa_tag-partnership-firm","qa_tag-retirement","qa_tag-s-9b","qa_tag-stock-in-trade"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/38361","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=38361"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38361"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=38361"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=38361"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=38361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}