Dear sirs,
two brothers are running a Quarry . the quarry is functioning in the land of both brothers. ( one part of land registered in the name of one brother and the other part was registered in the name of other brother's name and quarry licence is the name one brother. Some plant and machinery in the name of one brother and some others in the name of other brother. Presently they are filing IT returns individually , now they would like to pool their assets into common assets and they want to form a partneship firm and run the quarry in the name of partnership. What are the tax implications in this case. Kindly guide me in this case.
CAclubindia
