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Husband introduced capital in the partnership firm on behalf of wife

Others 478 views 1 replies

Hello,

i have a partnership firm in which my mother is one partner and some other person is one partner.

We are the investing partner and the whole capital was introduced by us.

here the point is that my father has introduced Rs. 10 lakhs in the firm on behalf of my mother.

So my query is in the income tax and books of accounts how shall i show this??

 

Replies (1)
If possible than It's better to take that 10 lakh back in father's account and than give that to mother as gift/loan and than mother will invest that in partnership firm to avoid any ambiguity in future.


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