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Partnership query?
can we carry forward closing balances of last year individual return as opening balance of partnership firm if the individual and partner including his spouse are same
Replies (3)
Quick Summary
No, because Partnership Firm is a separate entity with distinct PAN from its Partners.
If it is transferred to Partnership Firm then you can you may adjust in capital and other assets based on the nature of balance sheet items
No, as both have different PANs
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