I have land in my name and I was made a partner of the firm by adding the value of my land to the partnership firm. But the land is now in my name only.
The land is being sold by me in my name mentioning the status of the partner of the firm.
If there is any case law related to this? Please provide me.
thanks
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Individual convert of partner
Replies (2)
Your land will be shown as capital introduced by partner in firm and partner has to pay capital gains tax gains on this
Any case law?
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