fixed assets trnsfer to closing stock

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.