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?
NISHA AGARWAL (Chartered Accountant) (454 Points)
04 December 2020An 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?
ayusmita
(Tax consultant)
(5885 Points)
Replied 04 December 2020
NISHA AGARWAL
(Chartered Accountant)
(454 Points)
Replied 05 December 2020
Yes, he is. It is his Partner's Contribution towards the firm.
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