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Capital introduction other than cash

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(Querist)
08 December 2016 can one partner introduce capital in form of debtor(personal business ) of him in partnership. Is it allowable as per IT Act.
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CA Suresh Jain

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CA Suresh Jain (Expert)
08 December 2016 Yes, capital can be introduced in this way. There is no restriction as such in Income Tax Act

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