Cash withdrawal

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Jomon P B (Querist)
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06 January 2020 Mr. A is a managing partner of a firm. He withdrew Rs 10 Lakhs as cash from the firm. In the books of accounts of the firm the transaction of partner has been accounted in the Ledger "drawings". Partner purchased a Land with that money. Kindly advice with regard to the tax liability on cash withdrawal and land purchase.

swasti

swasti (Expert)
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08 January 2020 No tax liability for withdrawl or for land purchase.

Jomon P B

Jomon P B (Querist)
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10 January 2020 thank you...........madam

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