Property purchase
This query is : Resolved
SSP MATHIYALAGAN
(Querist)
11 May 2019
sir
We are a firm, purchased a property in the name of Managing Partner of the firm on behalf of the firm from firm's fund, construct a building from firm's fund, claiming depreciation every year from 1996. now there is a reconstitution in the firm, pl let us know whether the retiring partner has right to claim share in the property of the firm.In the retirement deed we have a clause that " the retiring partner eligible to get the amount standing in his capital account only" Pl explain.
We are a firm, purchased a property in the name of Managing Partner of the firm on behalf of the firm from firm's fund, construct a building from firm's fund, claiming depreciation every year from 1996. now there is a reconstitution in the firm, pl let us know whether the retiring partner has right to claim share in the property of the firm.In the retirement deed we have a clause that " the retiring partner eligible to get the amount standing in his capital account only" Pl explain.
Amol S Joglekar
(Expert)
07 June 2019
since you are stressing the point that "In retirement deed, it is mentioned that retiring partner to get only the amount standing to his credit"......please answer to yourself...."If the partnership deed empowered the partners to purchase the property in the name of managing partner?.... and then claim depreciation in the books of firm ???
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