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TRF of immovable property by partner to firm
If a partner introduces immovable property in the firm as capital contribution and the amount recorded in the books is less than SDV, then apart from section 45(3) whether 56(2)(x) will get attracted or not?
Replies (1)
Apart from Section 45(3) applicable to the partner, Section 56(2)(x) will not be attracted in the hands of the firm. The introduction of property as capital is a capital receipt for the firm, and the specific deeming fiction of Section 45(3) establishes the book value as the valid consideration, overriding general provisions concerning stamp duty differentials.
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