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Transfer of Asset to Firm

NISHA AGARWAL (Chartered Accountant) (441 Points)

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?

 2 Replies

ayusmita (Tax consultant) (5810 Points)
Replied 04 December 2020

Is the individual a partner of firm

NISHA AGARWAL (Chartered Accountant) (441 Points)
Replied 05 December 2020

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

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