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of <h1>Valuation of Partner's Profit Rights Clarified: Circular No. 219 Aligns with Rule 10(4) of Gift-tax Rules, 1958.</h1> The Central Board of Direct Taxes issued Circular No. 219, dated May 30, 1977, addressing the valuation of a partner's right to share the profits of a firm without entitlement to the firm's assets. Pursuant to rule 10(4) of the Gift-tax Rules, 1958, as amended in 1976, the circular directs that the valuation of such rights should be calculated according to the method outlined in the annexure attached to the circular. This directive is communicated to all Commissioners of Income-tax and Gift-tax.
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