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Partner Contribution

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12 June 2021 A partner contributes his land purchased at stamp duty value Rs 5 lakhs last month. This is recorded in the books of the firm by a journal entry as his capital contribution for R 5 lakhs. My query is
1) Whether any registration by payinng stamp duty is required
2) a factory is proposed to be consturcted on the land. If the factory is sold after few years who will be taxable for the land. Firm or Partner.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
12 June 2021 1 Not required.
2 Firm will be taxable.
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