Sir
We are an partnership firm doing an construction business. Construction services done by the firm and land owned in the name of partners. My question is project finance taken in the name of firm and it was purely utilised for acquisition of land but we land purchase only in the name of partners. Here how we transfer this funds to partners? Can we give this fund in an advance basis to Partners in this situation any interest obligations arise? Need any JV agreement between them? Kindly advise asap.
Land also purchased in the name of the firm. Other wise partners need to tax on Capital gain (Income Tax)
CAclubindia
