Property name of partner and payment partner ship firm

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This discussion addresses the accounting treatment for a property purchased by a partnership firm, where the registration and payment involve individual partners. It also explores the applicability of capital gains tax when such an asset is later transferred to a partner. The core questions revolve around how to accurately reflect these transactions in the firm's and partners' books of accounts and the tax consequences.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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04 February 2022 Sir,
A partner ship firm purchase of property registered name in partner and property value payment through on partner ship firm.
Question:
1.Above transaction treatment firm and partner account (both persons) show in books in it act
2.capital gains applicable.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 February 2022 1 Show it in books of accounts of firm as property can't be purchased in the name of the firm.
2 Capital gains applicable to the firm when the asset is given to the partner.

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Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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06 February 2022 sir, thanks reply any another question (post not found) message show all questions not accept.

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