A father promises to give his daughter £100 a week during her time at university. After the first term, he decides she needs to be more self-reliant and stops paying her. Can she sue him for breach of contract?

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What is a Queen's Counsel and how does one become one?

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Many times,civil cases result in compromise and settlement agreements. When was the last time you successfully negotiated your stance?

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when is the public interest litigation act started and who was the chief justice of india at that time

1 Answers   UPSC,

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rate of customes duty

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Would you supply any references?

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I Want to konw the full knowledge about India Pvt. Ltd. Company, Ltd. Company., Pvt. Ltd. Company Etc. Thanks

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How do you think the House of Lords should be reformed?

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Is there any law in India which is favouring or protecting husbands from Doemstic Violence? If yes then which and if no then do you think that Indian Constitution is not properly built?

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What is surcharge?

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New Arrival Selling Brand Apple iPhone 5s and 5C 16GB, 32GB, 64GB,Samsung Galaxy S5(BUY 2UNITS GET 1 FREE)

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There are three partners in a partnership firm. The firm has office premises in the name of firm. Depreciation on this asset is charged every in the books of the firm. Now after depreciation the book value of this assets has become Rs. 1000. Whereas the market vakue of this premises id Rs. 10 crorer. To bring this property at MV the partners revalued this premised at Rs. 8 crorers in the books of the firm and accordingly credited partner's capital account in their profit sharing ratio. My questions are as under. What is the income tax liability of the firm on revaluation? What is the income tax liability of partner of each partner on revaluation and credit to his capital account. In future whether depreciation to the firm is allowed on revalued amount under the income tax act. What happens to the tax liability if one partner withdraw his entire capital from the firm which includes credit on revaluation of office premises? When partners can withdraw out of their credit balance in their capital account without attracting any tax liability either by the firm or by partner? What happens if one partner retires and he gets amount equal to his capital account which inclides credit on account of revaluation? is there any tax liability to the retiring partner?

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