Introduce of partner's capital

Save Share

This query is : Resolved

Hetvi (Querist)
Follow

29 December 2014 One of our client wants to make addition of partner in partnership firm with cash as partner's capital...Now our's query is.
1) is it possible to introduce with cash deposited as partner's capital?
2) If yes, then what is maximum limit for introducing capital with cash?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

29 December 2014 under partnership act 1932 there is no restirction for same and even there is no liit provided to it.

Message likes : 1 times

Ketan Shah

Ketan Shah (Expert)
Follow

29 December 2014 In the above case the partner can bring in capital in form of cash. The source of cash should be legitimate and explained and disclosed in books of accounts / income tax returns of concerned partner. So far as the limit is concerned there is no limit on introduction of capital as cash by partner.

Message likes : 1 times

Rupesh Jain

Rupesh Jain (Expert)
Follow

29 December 2014 partner can introduced the cash as capital. max amount as per his sources of income.
he have sufficient proof of cash introduced in partnership firm.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now