https://www.taxtmi.com/circulars?id=8971 Gift-tax may apply where profit sharing ratios are re aligned and shares allotted without adequate consideration. For partners entitled to share in assets, determine interest value by adding market value of assets and the value of goodwill under Rule 10(3), with no separate addition for profit sharing rights. For partners with only rights to future profits and no asset share, value the interest by capitalisation of income. en-us Fri, 26 Mar 1976 00:00:00 +0530 Wed, 01 Jun 2011 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8971 Gift-tax may apply where profit sharing ratios are re aligned and shares allotted without adequate consideration. For partners entitled to share in assets, determine interest value by adding market value of assets and the value of goodwill under Rule 10(3), with no separate addition for profit sharing rights. For partners with only rights to future profits and no asset share, value the interest by capitalisation of income. Circulars Income Tax Fri, 26 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8971