Ownership of industrial land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2012 Hi,

We have setup partnership firm (I, my father and my wife) and currently we are in process to procure the industrial land.

I am bit confuse about to give ownership to either any of partner member or whole partnership firm.

Could you please suggest me the better option? If you suggest any partner then could you please let me know whom we can pick?

Thanks.

Praveen Kumar Rathi

Praveen Kumar Rathi (Expert)
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16 July 2012 You can purchase the land in joint name of all of you , because at the time of sale of that land if the land is in the name of firm then the tax rate will be apply as 30% flat. & if u purchase it in joint name then rate of tax will be applicable of individual assessee.