Partnership firm

Yes, the car can be brought into the firm as capital of the partner.

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BUT I CANT INTRODUCE AS A CAPITAL CONTRIBUTION BECAUSE DOWN PAYMENT OF 3 LAKH IS MADE FROM THE FIRM A/C. AMD IT ALSO ATTRACTS CAPITAL GAIN PROVISIONS.

SO, PLS. TELL ME CAN I INTRODUCE CAR IN THE BOOKS AS IT IS. BECAUSE IT IS USED FOR THE FIRM BUT THE MAIN PROBLEM IS THAT IT IS PURCHASED ON THE NAME OF PARTNER.

PLS. TELL ME.

It can be Resolved by Trasfer Entry through Partner Current Account (Not capital Account)

Say For Example CAR Value, 10,00,000, Down Payment, 3,00,000, Loan Amount 7,00,000

Pass the entries as follows

CAR A/c              Dr   10,00,000

To  Partners Current A/c  Cr 10,00,000  (Aquisition Value)

Partners Current A/c   Dr 3,00,000

To Bank A/c                               Cr 3,00,000 (Down Payment)

Partners Current A/c   Dr 7,00,000

To CAR Loan Account          Cr 7,00,000 (Loan Amount)

Net Effect No balance in Partner Current a/c, CAR recorded in Books along with Loan and Down Payment

Capital Gains for Partner

Though we presented like above it amounts to Transfer of Capital Asset to Firm , which attracts Capital gain tax

But he need not pay  anything because As per Sec 45(3) of Income Tax Act the sale consideration would be the amount recorded in the books of Firm

We are recording at purchase value only, so no gains on such transfer

We can also defend like this

Net amount paid to Partner is Nil as he is transferring both asset and liability, so No consideration , no tax

So record as specified above nobody will question

I'm withdrawing a part of my comment from Here

"We can also defend like this

Net amount paid to Partner is Nil as he is transferring both asset and liability, so No consideration , no tax"

As agreement to pay for a debt also amounts to consideration

Remaining you can go for it 

CAN I PASS ENTRY LIKE THIS, IS THERE ANY PROBLEM TO INCOME TAX DEPARTMENT.

PLS. REPLY ME.

Yes I bet, you can pass comfortably !!