Related person transactions
This query is : Open
SIJU VARGHESE
(Querist)
19 October 2017
Sir,
Kindly reply to the below query,
Whether a partnership firm liable to pay tax on materials issued to a partner for his personal use?
Thank you
Kindly reply to the below query,
Whether a partnership firm liable to pay tax on materials issued to a partner for his personal use?
Thank you
19 October 2017
Yes... Exactly...
But,
Explain yourself what are the transactions...?
But,
Explain yourself what are the transactions...?
SIJU VARGHESE
(Querist)
20 October 2017
Sir, the Firm has imported some tiles for the personal requirement of one of the partners as the Firm has Import Licence. The Firm is not in the business of trading Tiles. But doing interior works with wood materials and also trading furniture.
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