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Partnershipfirm

joji jose (audit manager) (242 Points)

05 October 2011  

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.


 1 Replies

CS Bijoy (Expert) (6394 Points)
Replied 10 October 2011

Need to make transfer agreement in favor of firm.

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