Would it be a good idea for there to be a minimum IQ for jurors in a trial?
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what is writ of habes corpus?
What effect on the whole of society does someone crashing into a lamppost have?
whether there is any vacancy for the post of Lecturer? as i have passed NET EXAM this year plz give me information.
model paper for law assistant
What is the point of having a judge when decisions are made by the jury?
I belong from Other Backward Class Category I want to Purchase land of ST category Man . What is Process. ? Please tell me.
What are your views on the franchising of legal aid firms?
How is Excise Duty Calculated
What is your view on the "sufficient benefit" test in legally aided work?
what is legal process of adopting a child?
Whether forfeiture of shares is a part of capital or its a part of revenue?
There are three partners in a partnership firm. The firm has office premises in the name of firm. Depreciation on this asset is charged every in the books of the firm. Now after depreciation the book value of this assets has become Rs. 1000. Whereas the market vakue of this premises id Rs. 10 crorer. To bring this property at MV the partners revalued this premised at Rs. 8 crorers in the books of the firm and accordingly credited partner's capital account in their profit sharing ratio. My questions are as under. What is the income tax liability of the firm on revaluation? What is the income tax liability of partner of each partner on revaluation and credit to his capital account. In future whether depreciation to the firm is allowed on revalued amount under the income tax act. What happens to the tax liability if one partner withdraw his entire capital from the firm which includes credit on revaluation of office premises? When partners can withdraw out of their credit balance in their capital account without attracting any tax liability either by the firm or by partner? What happens if one partner retires and he gets amount equal to his capital account which inclides credit on account of revaluation? is there any tax liability to the retiring partner?