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.
CAclubindia
