Partnership property sold
This query is : Resolved
DHARMCHAND OSTWAL
(Querist)
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
Soumitra Basu
(Expert)
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
