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Taxability of a person to whom the profit share is assigned
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....axability of a person to whom the profit share is assigned<br> Query (Issue) Started By: - NARESH GUPTA Dated:- 5-12-2009 Last Reply Date:- 8-12-2009 Income Tax<br>Got 1 Reply<br>Income Tax<br>I want....
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.... to know the tax liablity of the person if he assign his share of profit from a partnership firm in which he is a partner to any other person and 2nd case is if he transfer his share in partnership fi....
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....rm to another partnership with that third person. Reply By Rama Krishana: The Reply: There are different situations. Assignment as a voluntary act or by overriding title have different effects under ....
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....Income Tax. But, whereas the question is related to share in a partnership firm is there, I thing that there should not be any tax liability on the partner for transferring / assigning / selling his s....
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....hare to another person but if the same is done without any consideration that my be taxable in the hands of such other person (other than relatives) under section 56.<br> Discussion Forum - Knowledge ....
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....Sharing ....