Rent divison
This query is : Resolved
23 November 2012
Hi all,
One of the partner of a partnership firm has a property which is used for the business by the firm. The question arises whether the other partners are LIABLE to pay the rent ??
One of the partner of a partnership firm has a property which is used for the business by the firm. The question arises whether the other partners are LIABLE to pay the rent ??
23 November 2012
The liability to pay rent is for the firm and not for the partners or not for individual partners. As the firm is doing business from such place, the firm needs to pay rent.
23 November 2012
CA Sreenivasa is correct..firm has to pay rent and also eligible for deduction of such rent paid even though its paid to partner..
28 November 2012
Now assuming, the rent is not paid by the firm all these years as it belongs to the property of a partner , Now at the time of Reconstitution, the partner having the property claims an amount given to him by the remaining partners for enjoying the property for all these years.. Are the other partners liable to pay ?? if no, then specific reasons with provision of law.
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