Partners property let out to firm

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

05 March 2012 Sir,

Partners like to let out land to firm on which the firm shall construct any building. Rent will be paid.

1) But end of period the building or structures at wat ever cost was built shud vest with partners as landlords. Is it fine to draft any such agreement. Is it void? or legal issued from income tax angle?

2) Can firm claim depreciation?

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
Follow

05 March 2012 no problem in such an arrangement'
Read Explanation 1 to section 32 and draft agreement accordingly
CA MANOJ GUPTA
JODHPUR
09828510543

Querist : Anonymous

Querist : Anonymous (Querist)

05 March 2012 S sir. i read it. to confirm with experts posted here for confirmation. Can i get a draft of lease agreement for partners letting out property to their own firm?

Upgrade to CAclubindia Pro. Subscribe Now!