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?
mahipal m. chande (ca) (216 Points)
28 October 2017CAN 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?
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.
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