Partner - capital in the form of immovable property
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2014
can partner introduce capital in the firm in the form of immovable property ?
what is the tax implication ?
and when same partner retired from firm ? what is the tax implication when immovable property is taken away from firm to his individual name ?
what is the tax implication ?
and when same partner retired from firm ? what is the tax implication when immovable property is taken away from firm to his individual name ?
10 June 2014
A partner can introduce capital in the form of immovable property, but if there is any profits or gains then section 45(3) will be applicable. I which case value of the asset transferred to the firm as capital contribution recorded in the books of account of the firm will be taken as sale consideration for the purpose of computation of capital gains.
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