Query regarding capital asset
Querist : Anonymous
Can the property be registered in the name of partner ?
Any effect under income tax as why the above property is not shown in the individual book of partner though reg. in the name of partner ?
.
In IT , it can be explained that the asset is owned by the firm through its partners.
Querist : Anonymous
Accounting treatment for partner’s payment? Shown as loan from partner to firm.
Why not shown in partner’s books? Property belongs to firm; partner holds legal title only.
Tax impact? Taxed in firm’s hands; partner’s name is just a legal formality.
Need for resolution/deed? Recommended to document arrangement clearly.
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