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Business Standard

Finance Bill: Asset distribution to partners will attract capital gains tax

Various courts and tax authorities have ruled both in favour and against imposition of capital gains in such cases.

Topics
Finance Bill | Assets | Capital Gains Tax

Shrimi Choudhary  |  New Delhi 

Tax
Most law firms and professional services firms have a partnership model

In what could impact partnership firms, including those involved in legal and professional services, amendments to the Finance Bill, 2021, propose to impose capital gains tax on any assets or shares received by a partner when he retires. Further, the tax will be levied on the notional gain — that is the difference between fair market value and actual cost in case of asset transfer.

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First Published: Thu, March 25 2021. 06:10 IST

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