Retirement benefits for partners aren't transfers; not taxable under Income Tax Act section 2(47) or section 45.

Retirement benefits for partners aren't transfers; not taxable under Income Tax Act section 2(47) or section 45. https://www.taxtmi.com/highlights?id=55746 Characterization of income - consideration received by the partner of a firm upon retirement from the firm - retirement benefit - any money received by the partner upon retirement from the partnership firm as his share in the assets of the partnership concern is not a consideration for transfer of his interest in the partnership to the continuing partners and there is no transfer within the meaning of section 2(47) - the charging provision as provided under section 45 of the Act would also fail - AT en-us Fri, 04 Dec 2020 08:04:03 +0530 Fri, 04 Dec 2020 08:04:03 +0530 TaxTMI RSS Generator Retirement benefits for partners aren't transfers; not taxable under Income Tax Act section 2(47) or section 45. https://www.taxtmi.com/highlights?id=55746 Characterization of income - consideration received by the partner of a firm upon retirement from the firm - retirement benefit - any money received by the partner upon retirement from the partnership firm as his share in the assets of the partnership concern is not a consideration for transfer of his interest in the partnership to the continuing partners and there is no transfer within the meaning of section 2(47) - the charging provision as provided under section 45 of the Act would also fail - AT Highlights Income Tax Fri, 04 Dec 2020 08:04:03 +0530 https://www.taxtmi.com/highlights?id=55746