Brother and me formed partnership firm in 1990. A property was purchased in the firm's name in 1991. However we decided against doing any business and the firm was dissolved in 1994 with terms that the property was now jointly owned and income be shared .no returns filed in firm's name till date.property rent shown in individual IT files. In 2010, family partiton was done and property share was given to a single brother(me). Income from rent is being shown in my individual name ( TDS also). Property still in name of firm.
1. Can we revive the partnership with me and wife as partners ( brother resigns after revival) ?
2.Can we file IT returns from this FY with property rent as income and payment to partners?
The purpose is to create a holding firm for future rental income properties proposed to be bought by me.
CAclubindia
