Transfer of Asset to Firm

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Chartered Accountant
454 Points Posted on 04 December 2020

An individual has transferred Land to a firm as his contribution and the amount has been ascertained as per current market value of the land. How shall this be taxed and presented in the ITR?

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On 04 December 2020 at 17:06 Report
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This discussion covers the tax treatment and Income Tax Return (ITR) presentation when an individual transfers land to a firm as their capital contribution. The land's value has been determined by its current market price. The individual is confirmed to be a partner in the firm, with this transfer being their recognised contribution.

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Tax consultant
5895 Points Posted on 04 December 2020
Is the individual a partner of firm
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On 04 December 2020 at 23:57
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Chartered Accountant
454 Points Posted on 05 December 2020

Yes, he is. It is his Partner's Contribution towards the firm.

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On 05 December 2020 at 17:31

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