ADDITIONAL CAPITAL BY PARTNEERS

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UBEIDULLA (Querist)
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17 September 2019 A firm is having four partners. The partners want to make an addition of Rs. 300000/- each to the capital of firm. Can they make capital addition by cash? Can the experts explain plaese?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 September 2019 No person shall receive an amount of two lakh rupees or more—

(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person,
Firm is a person so it can't receive cash in excess of 2 lacs from partners towards capital.

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