Tranafer in favour of firm
This query is : Resolved
18 January 2016
In case where partner introduce immovable property in firm as capital contribution, then it is mandatory to register the property in the name of firm....?
18 January 2016
No not required to register the property in the firm name
18 January 2016
But it will be treated as transfer u/s 2(47) and capital gain attracts in hand of transferor partner .
So is it not mandatory to register the property in name of firm...?
So is it not mandatory to register the property in name of firm...?
26 January 2016
Income tax recognise the concept of beneficial ownership and registration not mandatory. Income tax will be computed as per section 45(3) in hands of partner based on value recorded in firm books.
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