Introduction of asset in partnership
This query is : Resolved
10 February 2012
pls tell if the partners want to introduce a bulding in partnership which is owned by three persons i.e.mother and sons .and the sons are partner then at what cost they can take that in the partnership
and wht is its stamp duty and income tax implications.
only two sons are partner and the property is ancestral.
how to save stamp duty on such introduction of asset.
is any agreement is required for this.as partnership is yet to be formed and they want to introduce the asset.
what is the procedure of all this.
and wht is its stamp duty and income tax implications.
only two sons are partner and the property is ancestral.
how to save stamp duty on such introduction of asset.
is any agreement is required for this.as partnership is yet to be formed and they want to introduce the asset.
what is the procedure of all this.
13 February 2012
It is not advisable at the initial stage, to introduce the building in which mother is also a co-owner except the two sons.
.
If all the co-owners enter into a partnership, the value credited to partners in the books of the firm is taken as the sales consideration, and all the partners will be liable to capital gains tax, in case the amount credited is more than the indexed cost of acquisition of the property.
.
Registration will not be required, as the asset is owned by the partners.
.
If all the co-owners enter into a partnership, the value credited to partners in the books of the firm is taken as the sales consideration, and all the partners will be liable to capital gains tax, in case the amount credited is more than the indexed cost of acquisition of the property.
.
Registration will not be required, as the asset is owned by the partners.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Putting a heading on received mail
- TDS on TRUST
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Consolidated financials
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
