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Discussion < Income Tax < Can Partnership Firm give gift
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students zone,CA Students
Shankar Rizwani


[ Scorecard :65 ]

Family partnership of father and 3 Sons hold immovable property Plots as investment which i required to be transferred in the name of one of the partner Son Querry can firm gift it by renunciation of rights therein i.e. without consideration  and what are the income tax implications whether it will be treated as income u/s 56(2) (vii) 








Tanay Jindal


[ Scorecard :228 ]

According to me the firm can give gift the property to one of the partner 

but this transaction is liable for tax as u/s 56(2)(vii) relatives are means related to individual and not with partnership firm

here the gift given by partnership firm to partner and they are not relatives according to section 56(2)(vii)

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