Property purchase
This query is : Resolved
SSP MATHIYALAGAN
(Querist)
11 May 2019
sir
we are a firm, we have purchased a property vacant land in the name of 3 partners (actual 5 partners) from firm's fund.We have constructed a building from firm's fund and doing the business in that building. We are claiming depreciation every year. Pl confirm whether the owner of the property and building is the firm or partners in whom's name the document was made during purchase?
we are a firm, we have purchased a property vacant land in the name of 3 partners (actual 5 partners) from firm's fund.We have constructed a building from firm's fund and doing the business in that building. We are claiming depreciation every year. Pl confirm whether the owner of the property and building is the firm or partners in whom's name the document was made during purchase?
Amol S Joglekar
(Expert)
07 June 2019
if the funds of firm are invested to purchase vacant land, in the names of 3 partners.... the property belong to firm
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