Respected Sir

Kindly Give your opinion on my following query

1) whether derivative loss can be adjusted against
current year's Business Profit?

2)A parnership firm having two partner retired from
partnership and two new partners were admited in this
firm
& firm has only one immovable asset. incoming partner
had paid Rs. 20 lacs excess to retiring partner what
treatment to be given for Rs. 20 lacs Excess Payement
to reitring partners
a) Firm can revalue their immovable property
to the extent of Rs.20 lacs debiting immovable
property & crediting retiring partners capital account
in this case who will pay the tax partnership firm or
retiring partners?

Regards

Arun S.Jain





Arun S. Jain & Co.
CHARTERED ACCOUNTANT
M Floor Kothari Mansion
357 S. V. P. Road
Charni Road (East)
Mumbai 400004
Tel 23877431/23825089




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