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Property of partners

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(Querist)
16 June 2023 Can the property in the name of individual partners be used by the partnership firm? whether any lease deed between the partners and the firm is required in such as case? what might be the tax implications in this regard?

Thanks in Advance
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
16 June 2023 Yes, the firm can get it on rental basis from partner. Pay rent to partner and let partner declare it as rental income in his/her ITR.

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