04 September 2012
PARTNER INTRODUCES LAND AS HIS CAPITAL CONTRIBUTION . NOW AFTER 20 YEARS OF PARTNERSHIP , HE WANTS TO WITHDRAW THE LAND AT THE COST AT WHICH HE INTRODUCED IT IN THE FIRM 20 YEARS AGO, CAN HE DO SO? WHAT ARE THE TAX IMPLICATIONS IN THE HANDS OF PARTNER AND FIRM ? PLEASE GUIDE
04 September 2012
land was tranferred to the books of the firm as partners capital contribution for Rs. 40000/- on 01.04.1982. he was allowed interest on capital including the value of land. now the market value of the land is Rs. 5000000/- as on 01.04.2012. partner wants to withdraw it on Rs. 40000/-. can he do so?