29 December 2014
One of our client wants to make addition of partner in partnership firm with cash as partner's capital...Now our's query is. 1) is it possible to introduce with cash deposited as partner's capital? 2) If yes, then what is maximum limit for introducing capital with cash?
29 December 2014
In the above case the partner can bring in capital in form of cash. The source of cash should be legitimate and explained and disclosed in books of accounts / income tax returns of concerned partner. So far as the limit is concerned there is no limit on introduction of capital as cash by partner.
29 December 2014
partner can introduced the cash as capital. max amount as per his sources of income. he have sufficient proof of cash introduced in partnership firm.
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