Receipt of capital asset by partner at the time of dissolution of Firm Computation of income chargeable to tax

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The Tax Publishers Receipt of capital asset by partner at the time of dissolution of Firm--Computation of income chargeable to tax Query Firm A is a partnership firm which have 5 partners. The firm is getting dissolved. The firm have two properties among which one property is taken by the three partners and another property is taken by another one partner. The remaining one partner is taking the capital amount. Property taken by partners is valued more than the capital. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Receipt of capital asset by partner at the time of dissolution of Firm--Computation of income chargeable to tax

Query

Firm A is a partnership firm which have 5 partners. The firm is getting dissolved. The firm have two properties among which one property is taken by the three partners and another property is taken by another one partner. The remaining one partner is taking the capital amount. Property taken by partners is valued more than the capital.