Can include land in partnership firm.
This query is : Resolved
01 September 2021
Two Partner combined purchase a land in their own name,and construct a factory.
Now in partnership IT return whether the land have to be shown or not. As land is not purchase in the name of factory.
Please suggst
Now in partnership IT return whether the land have to be shown or not. As land is not purchase in the name of factory.
Please suggst
01 September 2021
Land can be shown in firm ITR. Land can't be purchased in the name of the firm.
Message likes :
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02 September 2021
When the registered document specify land purchased in the name of two individuals, it cannot be declared in partnership BS, unless the same has been transferred to the firm by any legal deed.
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