CBDT issues guidelines on partnership firm taxation.(03.07.2021)

CBDT issues guidelines on partnership firm taxation | Section 45(4) w.r.t. capital asset remaining with the specified entity is forming part of a block of asset, the amount attributed to such capital asset under rule 8AB of the Rules shall be reduced from the full value of the consideration received or accruing as a result of subsequent transfer of such asset by the specified entity, and the net value of such consideration shall be considered for reduction from the written down value of such block under sub-clause (c) of clause (6) of section 43 of the Act or for calculation of capital gains, as the case may be, under section 50 of the Act.

[Circular No. 14 of 2021-Income Tax | Dated: 02nd July, 2021]

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