Property of partners
This query is : Resolved
16 June 2023
Can the property in the name of individual partners be used by the partnership firm? whether any lease deed between the partners and the firm is required in such as case? what might be the tax implications in this regard?
Thanks in Advance
Thanks in Advance
16 June 2023
Yes, the firm can get it on rental basis from partner. Pay rent to partner and let partner declare it as rental income in his/her ITR.
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