RETIREMENT / SEPARATION FROM FAMILY RUN BUSINESS

Querist : Anonymous (Querist) 08 June 2011 This query is : Resolved
DEAR SIRS:
OURS IS A FAMILY RUN BUSINESS FOR 6 DECADES STARTED BY MY LATE FATHER. MY FATHER EXPIRED IN 1991 AND WE BOTH BROTHERS ARE NOW IN THE FAMILY BUSINESS AND WE BOTH WERE WITH HIM AS A PARTNER SINCE 1989.
NOW I THE ELDEST SON WOULD LIKE TO RETIRE / SEPARATE FROM THE SAID BUSINESS AND MY YOUNGER BROTHER WANTS ALL THE BUSINESS PROPERTIES AS WELL AS THE NAME OF THE COMPANIES.HE IS READY TO GIVE ME THE GOODWILL AMOUNT AS WELL AS 50% OF THE FAIR MARKET VALUE OF THE PROPERTY BY CHECK.
WILL I BE TAXED OR CAN WE MAKE A FAMILY ARRANGEMENT OR ANY OTHER MEANS BY WHICH I DO NOT NEED TO PAY TAX ON THE SAME.

THANKS VERY MUCH
RAJENDRA PAREKH
09821016930

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prabhakar singh (Expert) 09 June 2011
A partnership ts governed by PARTNERSHIP ACT,reproducing your own word,now" AND WE BOTH WERE WITH HIM AS A PARTNER SINCE 1989." how can then there be "A FAMILY ARRANGEMENT"
if it is a partnership.In case there are only two partners,you and your brother,the firm will go dissolved,in case there are partners more than 2,you can retire from firm subject to terms of deed.IN case it was a proprietors'business devolving up on you two the matter would be all the way different.
HENCE BE SURE ABOUT FACTS THEN SEEK OPINION.

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