Two brothers are planning to form a Partnership Firm in which both of them will be partners in equal share.
What are the consequences ? Is there any clubbing provision in this regard?
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Two brothers as partners in same firm
Replies (4)
clubbing provision are applicable if only there is any transfer of any asset to the relative without adequate consideration.
In your case no suhc trasnfer is involved, so no clubbing is required. Both the brothers can form the p'ship firm.
Yes, they can form a partnership firm without attracting any clubbing provisions.
They both will assessed separately.
Yes, they can form a partnership firm without attracting any clubbing provisions. They both will assessed separately.
no clubbing will be done unless they dont go for any transfer of assets without consideration or inadequote consideration....
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