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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Gift-Tax Act, 1958: Guidelines on Partner Profit-Sharing Changes and Valuation of Interests, Including Goodwill.</h1> The circular addresses the potential application of the Gift-tax Act, 1958 in scenarios involving changes in profit-sharing ratios among partners in a firm. Gift-tax considerations may arise when new partners are admitted, existing partners' shares are altered, a sole proprietorship converts to a partnership, or a new firm is established without adequate monetary consideration. It outlines the valuation method for determining a partner's interest in a firm, emphasizing the inclusion of goodwill in asset valuation. The circular instructs officers to follow these guidelines for assessing the value of partners' interests, whether they include asset sharing rights or solely profit-sharing rights.
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