fixed assets trnsfer to closing stock

The assessee purchase land for your personal name than the assessee creating developers partnership frim. 

Land introduced to closing stock or not ? plz give me sastify ans..

Replies (2)

pls clarify the question. Do u mean that the assessee purchased the land in his own name and the transferred the same to the partnership firm ?

Pls see the transfer papers i.e. stamp duty registrtion, etc. If the business of the firm is to deal in properties then it is ok to transfer the land as closing stock.

Whether the firm is registered under the Indian Partnership Act or LLP ?

Assuming,

1. Land is bought by partner in his own name by his own money

2.  Later it is transferred to Partnership,

 

On the date of transfer from Partner to partnership, make one entry for bringing land on books, with Fair Value of the Land. Add it to capital/loan from the Partner.

 

Hope this clarifies.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
14 October 2026
Accountant

Rize.farm

Bengaluru

B.Com

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details