Section 3(1)(g) in The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015

[Cites 0, Cited by 0] [Section 3(1)] [Section 3] [Entire Act]

Union of India - Subsection

Section 3(1)(g) in The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015

(g)The net asset of the firm, association of persons or limited liability partnership on the valuation date shall first be determined and the portion of the net asset of the firm, association of persons or limited liability partnership as is equal to the amount of its capital shall be allocated among its partners or members in the proportion in which capital has been contributed by them and the residue of the net asset shall be allocated among the partners or members in accordance with the agreement of partnership or association for distribution of assets in the event of dissolution of the firm or association, or, in the absence of such agreement, in the proportion in which the partners or members are entitled to share profits and the sum total of the amount so allocated to a partner or member shall be treated as the value of the interest of that partner or member in the partnership or association.

Legal Document View

Unlock Advanced Research with PRISMAI

Union of India - Subsection

Section 3(1)(g) in The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015