https://www.taxtmi.com/circulars?id=9495 Gift tax on transfer of a firm interest is chargeable only if the statutory exemption for certain partnership transfers does not apply and the consideration received by the person in whose favour the transfer is made is inadequate. Consideration may consist of capital introduced, labour or services (as from a working partner), or both; Gift Tax officers must examine and determine the adequacy of such consideration when new partners are admitted, profit sharing ratios change, or a sole proprietorship is converted into a partnership. en-us Wed, 02 Mar 1983 00:00:00 +0530 Mon, 06 Jun 2011 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9495 Gift tax on transfer of a firm interest is chargeable only if the statutory exemption for certain partnership transfers does not apply and the consideration received by the person in whose favour the transfer is made is inadequate. Consideration may consist of capital introduced, labour or services (as from a working partner), or both; Gift Tax officers must examine and determine the adequacy of such consideration when new partners are admitted, profit sharing ratios change, or a sole proprietorship is converted into a partnership. Circulars Income Tax Wed, 02 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9495