10 February 2012
pls tell if the partners want to introduce a bulding in partnership which is owned by three persons i.e.mother and sons .and the sons are partner then at what cost they can take that in the partnership and wht is its stamp duty and income tax implications.
only two sons are partner and the property is ancestral.
how to save stamp duty on such introduction of asset.
is any agreement is required for this.as partnership is yet to be formed and they want to introduce the asset.
13 February 2012
It is not advisable at the initial stage, to introduce the building in which mother is also a co-owner except the two sons. . If all the co-owners enter into a partnership, the value credited to partners in the books of the firm is taken as the sales consideration, and all the partners will be liable to capital gains tax, in case the amount credited is more than the indexed cost of acquisition of the property.
. Registration will not be required, as the asset is owned by the partners.
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