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.
Click here to login now
Similar Resolved Queries
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Consolidated financials
- Section 50-fixed asset-->building ceases to exist
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
