ADDITIONAL CAPITAL BY PARTNEERS
This query is : Resolved
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?
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.
(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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