Partnership property sold
This query is : Resolved
26 May 2012
IN MY CASE FIRM PROPERTY SOLD BY ALL THE PARTNERS AND THEY HAVE BEEN PAID THE AMOUNT AS PER THEIR PROFIT SHARING RATIO.THE CAPITAL GAIN TAX PAID BY DD AND THE AMOUNT HAS BEEN MENTIONED AS PER RATIO BASIS IN SALE DEED. SOME OUTSIDERS COMPLAINS THAT THE FIRM CAN NOT SOLD THE PROPERTY TO LAND REVENUE AUTHORITIES. WE WANT SOME MATTERS IN THIS REGARD TO SUBMIT OUR EXPLANATION THAT THE ALL THE PARTNERS CAN SALE THE PROPERTY. IT IS THEIR IMPLIED AUTHORITY TO SALE OR PURCAHSE OF FIXED ASSETS AS PER THEIT MUTUALLY CONSENT
I REQUIRED AN ANSER WHICH I CAN PRODUCE BEFORE THE LAND REVENUE AUTHORITY
I REQUIRED AN ANSER WHICH I CAN PRODUCE BEFORE THE LAND REVENUE AUTHORITY
27 May 2012
Yes, the Firm cannot sell the property. But as per Transfer of property act all the partners can jointly sell the property. You are correct.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- STCG FOR GOLD ETFs
- LTCG for Assmt year 26-27
- Tax liability on income of freelancer
- E way bill for tractors
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
