Transfer of property between firm and partners – taxation aspect (sec 45)
Firm distributing immovable assets as well as liabilities to its partners on dissolution.

Two partners have agreed to start and carry out the business of partnership for their mutual benefit. The partnership firm is not registered with registrar of firms.

The business of firm is to acquire reservation land & handover it to local Municipal Corporation by due legal process & obtain TDR/FSI/Development Right Certificate.

Partnership firm purchased a litigation (reservation) land in 2018 & recorded it in Books of accounts along with liability on acquisition. The TDR work is under process. Now both the partners decide to dissolve the firm and transfer the immovable property in the name of one partner along with liability of the firm.

What is the tax implication in such case?

please provide asap

SIR
I am an individual Goods Transport Operator and have paid Rs.1500000/- by Cash to a party without the knowledge of Cash threshold limit.
Is it any problem?
Plz guide me sir
Thanks in adv

Dear All,

I have to try to Export invoices updation in the Monthly GSTR-1 of Jan'21 filing under "Table 6A of Form GSTR1".

after updating the invoice system as showing as "Table 6A of Form GSTR1 has been disabled"

Can you please someone advise further.

regards,
Naresh.

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plz inform me if anyone have idea regarding old syllabus .

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Sir
I want to sell pvt ltd company. No sales. IT activity. 30 Lakhs authorised capital. 20 Lacs paid up capital.