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Partnership Firm Liable for Capital Gains Tax u/s 45(4) of Income Tax Act, Regardless of Partner's Duration.

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....Capital gain - liability to pay tax - The liability, if any, to pay the tax is on the partnership firm in view of Section 45(4) of the Act. Besides, the duration of a person being a partner in the firm does not decide the applicability of Section 45(4) of the Act, as it is not so provided therein....

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