https://www.taxtmi.com/acts?id=51539 When a partner or member receives any capital asset or stock-in-trade from a firm, association of persons or body of individuals on dissolution or reconstitution, the entity is deemed to have transferred those assets in the year of receipt; resulting profits or gains are taxable as the entity's income under business profits or capital gains. The fair market value on the date of receipt is the full value of consideration. The Board may issue, with Central Government approval, guidelines to remove implementation difficulties, subject to parliamentary laying and modification or annulment. en-us Wed, 13 Aug 2025 18:30:41 +0530 Fri, 22 Aug 2025 10:19:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51539 When a partner or member receives any capital asset or stock-in-trade from a firm, association of persons or body of individuals on dissolution or reconstitution, the entity is deemed to have transferred those assets in the year of receipt; resulting profits or gains are taxable as the entity's income under business profits or capital gains. The fair market value on the date of receipt is the full value of consideration. The Board may issue, with Central Government approval, guidelines to remove implementation difficulties, subject to parliamentary laying and modification or annulment. Act-Rules Income Tax Wed, 13 Aug 2025 18:30:41 +0530 https://www.taxtmi.com/acts?id=51539