Taxability of amount brought by new partner??
This query is : Resolved
01 October 2014
Hello sir/mamI want to know whats a treatment of amount brought by new partner??if its treats as goodwill?or if treats for stock amount ??
01 October 2014
its capital amount not taxable.............
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02 October 2014
Thanks sir,but i forget to tell that such capital brought by new partner is not paid to firm but its paid to old partner...then??my problem is that at present one properitorship business is running and that properitor has software of ₹1500000,now he decide to make firm and joint 3 new partner and make firm.all new 3 partner paid 375000 to partner who was carring business..such amount paid by new partner is not capital and also non refundable to 3 partner.so whats a treatment in hands of old partner??
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