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partnership after retirement


Can continuing partners of a unregistered Partnership Firm claim loss in Business after retirement of its One Partner. 

 
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Lawyer in Hyderabad.wats app no.9989324294

All parterns must follow terms and conditions of the partnership agreement. The partnership agreement is a document to bind the rights and liabilities of the partners including retired partner.

 
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ADVOCATE & TAX CONSULTANT

after retirement the firm should reconstitute the deed of partnership if the firm continues. Then the reconstituted firm can claim loss in the business as the firm status has been continued

 
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ADVOCATE & TAX CONSULTANT

after retirement the firm should reconstitute the deed of partnership if the firm continues. Then the reconstituted firm can claim loss in the business as the firm status has been continued

 
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Under Income Tax Act 1961....

Carry forward and set off of losses in case of change in constitution of firm or on succession.

78. (1) Where a change has occurred in the constitution of a firm, nothing in this Chapter shall entitle the firm to have carried forward and set off so much of the loss proportionate to the share of a retired or deceased partner as exceeds his share of profits, if any, in the firm in respect of the previous year.

 
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