Investment

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DEVENDER THAKUR (Querist)
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19 December 2013 If a Partnership Firm not dealing in gold business want to purchase gold for investment purpose,is it possible or there is any problem according to law. Please guide me.

Manish Bhandari

Manish Bhandari (Expert)
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20 December 2013 there is no problem as far as investment is concerned. other thing is it is advisable the investment should be out of capital funds or profits of firm. On sale any profit earned will be taxable.

DEVENDER THAKUR

DEVENDER THAKUR (Querist)
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21 December 2013 If the partnership firm has taken cash credit facility from bank, even then can it invest in gold as it is not its trading item.

Manish Bhandari

Manish Bhandari (Expert)
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23 December 2013 Income tax wont object but bank may. As Cash credit facility norms may differ from bank to bank.

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