Income tax compliance for partnership

Tax queries 407 views 1 replies

Dear All,

Greeting to the members! Guys a have a small query would be grateful if you could help.

 

One of my clients has to set up a partnership firm and wants to do business of Construction of properties. He has a land in Joint account of him and his partner which he wishes to trasfer to the firm for the purpose of doing business.

 

My First question is . IS IT ALLOWED if yes How? complianes required for the same

My second question: where do we register the Partnership firms in delhi.

 

Any other point that needs to be considered please suggest 

 

Thank and best Regards

CA Anshul Bajaj

Replies (1)

Transfer Immovable Property by Individuals to the Stock in Trade of a Firm indeed allowed. The Property held by the Partners Jointly denotes the Partners in Individual Capacity owns 50% share in that Property. Hence, they Can Transfer to the Partnership Firm as Stock in Trade.

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