Who is liable for tax in case of retiring partner - patnership firm or retiring partner
mahesh.t.sukhwani
(Querist) 27 December 2016
This query is : Resolved
respected sir ,
we were three partners A,B,C, in a partnership firm dealing in land and construction
PARTNER -A retired by signing Reconstitution deed taking his capital and enhanced amount against property appreciation & goodwill PARTNERS B & C CONTINUES BUSINESS
MY QUERY IS WHO IS RESPONSIBLE TO PAY TAX ON THE APPRECIATED AMOUNT PAID TO THE RETIRING PARTNER - PARTNERSHIP FIRM OR RETIRING PARTNER
Rajendra K Goyal
(Expert) 27 December 2016
Retiring partner is liable to pay tax on his gains from the firm earned during the partnership and on retiring.
Partnership is liable to deduct TDS if applicable.
Ms.Usha Kapoor
(Expert) 28 December 2016
Retiring partner will have to pay on the gains earned from the firm during partnership and on retiring and TDS if applicable. partnership is liable to deduct TDS on retiring also if applicable.
R.K Nanda
(Expert) 28 December 2016
contact tax lawyer.
Dr J C Vashista
(Expert) 02 January 2017
Commercial query, consult a local lawyer.
