Introduce of partner's capital

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This query is : Resolved

Hetvi (Querist)

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)

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

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Ketan Shah

Ketan Shah (Expert)

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.

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Rupesh Jain

Rupesh Jain (Expert)

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.

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