Please Help: partition deed
Posted Date : 05-Jul-2012 , 02:03:45 pm | Posted By himatsingka exports pvt. ltd.
It is partnership firm, company is dissolved and company is kept by one partner as partnership firm. Property under this company is divided under partition deed. Will the company have to pay capital gain tax ?
Category : Service Tax | Answers : 2 | Comments : 0 | Hits : 242
Answers
Answer By: Krishna Chandra Santi
As per my knowledge one partner can carry the business as sole proprietorship business. If the capital of the remaining partnet increases due to such partition dead and the transfer of property is coming under the meaning of transfer then capital gain will arise in the case.
Answer By: Rambabu Senkarasetti
Yes.
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