Tax implication for this partnership firm will be??

Possible method can be.

Dissolve the Partnership and transfer the Premises to Partners.
 

Now Pvt Ltd Co. will have to take the premises on rent from Partners.
 

partnership firms has mandatary audit and return filing, if the firm has done so, then firm can issue rent receipts to pvt ltd company.( subject to their power of letting out , as the ownership of office is not mentioned), and can account the rent received in partnership firm.

Another way suggested by U S Sharma sir is also correct.

want to correct you sir that partnership firms have mandatory returns but not mandatory audits.

thanks for the reply..

..

.. the partner is also a a stake holder in the private limited compny to which the office is given for use...

he wants the asset removed from the balance sheet of the concern..?? he wants to transfer the asset without any tax liablity?? will dissolution as suggested by Mr. Shashi do the work??

partnership has no transactions.. will the second method suggested will not attract taxation??