No Capital Gains Tax for Retiring Partner Receiving Cash Without Relinquishing Property Interest.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Taxability of capital gains in the hands of the assessee firm - Here when the retiring partner took cash and also further cash in lieu of agreed constructed area from the stock in trade of the firm, it did not relinquishing its interest in the immovable property - in the absence of transfer, there is no capital gain tax liability - AT....