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Land registration
Raising a portion of funds for initial registration of land through resident partner's bank account and then processing the sale deed of land on firm's name with remaining funds coming out of the company's bank account. Will there be any impact of Income tax on the resident partner's account as the initial registration transaction taken from his personal bank account?
Replies (3)
Is the firm repaid the same to the partner.?
If no then also tell if yes then also..
Show it as a loan payable to partner in firm's balance sheet. no impact on income tax. however interest on loan clause if p'ship deed shud be checked, as interest received by partner on loan given to firm, wud be taxable in the hands of partner
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