Tranafer in favour of firm

This query is : Resolved 

18 January 2016 In case where partner introduce immovable property in firm as capital contribution, then it is mandatory to register the property in the name of firm....?

18 January 2016 No not required to register the property in the firm name

18 January 2016 But it will be treated as transfer u/s 2(47) and capital gain attracts in hand of transferor partner .

So is it not mandatory to register the property in name of firm...?


26 January 2016 Income tax recognise the concept of beneficial ownership and registration not mandatory. Income tax will be computed as per section 45(3) in hands of partner based on value recorded in firm books.



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