Partner Contribution
This query is : Resolved
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.
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.
12 June 2021
1 Not required.
2 Firm will be taxable.
2 Firm will be taxable.
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