Land and building purchase or construction Partnership

Hi

My query is we are two partners running a partnership business dealing paint retail sale. Can we purchase a land with building or purchase a land and construct a building for running our office? How to purchase on whose name? Whether loan can be taken in the name of firm and whether interest to be claimed as admissible expense and can we claim depreciation of building? Please clear our doubts
Replies (3)
Quick Summary
This discussion addresses a partnership business's query about acquiring property. The partners, who have been in paint retail for 10 years, want to know if they can purchase land with a building or construct a new one for their office. They are seeking clarification on purchasing under the firm's name, obtaining business loans, and claiming depreciation on the building as an admissible expense.

For how long this business is operational. Pls revert at the earliest.

Take loan from bank and construct the building in the name of firm. You can claim depreciation once it is in use.

We are operating for last 10 years

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