Cash enty in capital account of partnership firm
This query is : Resolved
06 February 2014
I am partner in a partnership firm and I have Cash In Hand (say Rs.1.0 Lac) in my personal balance sheet, so can i directly add this cash (Not through bank transfer)to my Capital Account in Firm. And is their any limit for such transactions.
07 February 2014
you may do so...but the tax department may ask for the source of such funds...
07 February 2014
Agree Nikhil Ji, but my query is would transfer through cash is allowed. Source of fund could be asked even in case of bank transfer.
07 February 2014
there is no restriction on share capital investment through cash..
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