https://www.taxtmi.com/circulars?id=9471 When an individual brings a capital asset into a partnership and his exclusive rights in the asset are extinguished, that contribution is a transfer under sec.2(47); crediting the asset's market value to the partner's capital account constitutes consideration. Consequently, any profits or gains arising from the transaction are chargeable as capital gains and should be included in the partner's income for assessment. en-us Mon, 07 Jun 1982 00:00:00 +0530 Mon, 06 Jun 2011 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9471 When an individual brings a capital asset into a partnership and his exclusive rights in the asset are extinguished, that contribution is a transfer under sec.2(47); crediting the asset's market value to the partner's capital account constitutes consideration. Consequently, any profits or gains arising from the transaction are chargeable as capital gains and should be included in the partner's income for assessment. Circulars Income Tax Mon, 07 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9471