CAN PARTNER INTRODUCE HIS CAR (DEPRECIABLE) AS CAPITAL TO A PARTNERSHIP FIRM IN WHICH HE IS A PARTNER? ANY FORMAL DOCUMENT REQUIRED FOR THAT?
IS CAPITAL GAIN ATTRACTED?
2 Replies
Prajjwal Kaushik
(Finance Professional)
(6216 Points)
Replied 14 December 2017
I think partner's car is a personal asset to him and therefore not covered under the definition of capital asset. Hence, no capital gain.
Recent Topics
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
Related Threads
CAclubindia
