Accounts and income tax
This query is : Resolved
Raghavendra
(Querist)
18 July 2013
In a Partnership Firm one of the Partner purchases a immovable property at Rs. 1.05 Crores. And he paid cash Rs.30 Lakhs and by Cheque Rs.15 Laks through Firms Bank Account. And a partner is agree to pay the balance amount after some days by cash or cheque. All sale agreements are in the Name of the Partner not Firm.
The Question is what is the accounting treatment in the Firms Books? How I treat?
And what is the tax implication regarding Cash payment?
The Question is what is the accounting treatment in the Firms Books? How I treat?
And what is the tax implication regarding Cash payment?
18 July 2013
IF PROPERTY IS IN PARTNERS NAME AND PAID FROM FIRMS A/C THEN IT SHOULD BE TREATED AS LOAN TO PARTNER AND BOOK ENTRY ACCORDINGLY.
CASH PAYMENT WILL BE DISALLOWED U/S 40A.
CASH PAYMENT WILL BE DISALLOWED U/S 40A.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GSTR9 Annual Return
- Employee secondment
- Ito add credit side of bank
- Gift to nri relatives resides in usa
- IMS (import of goods) ITC related
- Capital Gains Tax on Inherited Mutual Fund
- LLP audit and disclosure
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Import of Capital Machine
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
