Agriculture land for partners
This query is : Resolved
Kollipara Sundaraiah
(Querist)
02 September 2021
Sir,
A partnership firm working in two partners.purchases of agriculture land rs:10 lacs value name for 1st partner.but payment rs:8 lacs 1st partner and rs:2 lacs 2nd partner.
Question:
Purchase of agriculture land rs:10 lacs value show in partnership firm and partners individual account in it act.
A partnership firm working in two partners.purchases of agriculture land rs:10 lacs value name for 1st partner.but payment rs:8 lacs 1st partner and rs:2 lacs 2nd partner.
Question:
Purchase of agriculture land rs:10 lacs value show in partnership firm and partners individual account in it act.
CA R SEETHARAMAN
(Expert)
02 September 2021
Partnership firm purchased the agricultural land, so show it in partnership firm.
Land can't be purchased in firm's name as it's not a legal entity.
Land can't be purchased in firm's name as it's not a legal entity.
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