Sum received by partner on retirement from firm isn’t chargeable to tax in hands of partner

Sum received by partner on retirement from firm isn't chargeable to tax in hands of partner

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[2019] 104 taxmann.com 58 (Bombay)
IT: In view of section 45(4), amount received by a partner on her retirement from a partnership firm is not liable to capital gain tax in hands of said partner
Section 45 of the Income-tax Act, 1961 – Capital gains – Chargeable as (Firm/Partner, in case of) – Assessee received certain amount at time of her retirement from partnership firm – Assessing Officer brought said amount to tax – Tribunal opined that in view of section 45(4) amount received by a partner on her retirement from a partnership firm was not liable to capital gain tax in hands of said partner – However, it was partnership firm which was liable to pay tax – Whether, on facts, no substantial question of law arose from Tribunal’s order – Held, yes
Smt. Hemlata S. Shetty

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