Deemed transfer on receipt of assets: receipt by partner triggers taxability of entity under business profits or capital gains. When a partner or member receives any capital asset or stock-in-trade from a firm, association of persons or body of individuals on dissolution or reconstitution, the entity is deemed to have transferred those assets in the year of receipt; resulting profits or gains are taxable as the entity's income under business profits or capital gains. The fair market value on the date of receipt is the full value of consideration. The Board may issue, with Central Government approval, guidelines to remove implementation difficulties, subject to parliamentary laying and modification or annulment.