https://www.taxtmi.com/forum/issue?id=5371 Whether a partner's re-taking of property contributed to a firm is taxable under Section 45(3). The assessee contributed a house and land to the firm by partnership deed (not registered); the firm demolished the structure to develop a commercial complex; after a dispute the contributing partner again took possession with only one roof constructed. The transaction appears to fall within the statutory provision, but the reply notes that specific factual circumstances may allow for alternative tax planning or treatment. en-us Sat, 02 Mar 2013 16:34:07 +0530 Thu, 23 Jan 2025 15:57:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=5371 Whether a partner's re-taking of property contributed to a firm is taxable under Section 45(3). The assessee contributed a house and land to the firm by partnership deed (not registered); the firm demolished the structure to develop a commercial complex; after a dispute the contributing partner again took possession with only one roof constructed. The transaction appears to fall within the statutory provision, but the reply notes that specific factual circumstances may allow for alternative tax planning or treatment. Discussion-Forum Income Tax Sat, 02 Mar 2013 16:34:07 +0530 https://www.taxtmi.com/forum/issue?id=5371