Partnership

CA SONIYA AGARWAL (self practice) (3005 Points)

11 June 2013  

a partnership is constituted with 7 partners having equal profit sharing ratio . a family agreement is made in which a portion of building is alloted to 7 members of the family , which members brings to the firm as their capital introduction . i means to say partnership firm is of 7 family members. can such a partnership firm be constituted, can firm claim depreciation on building , can firm come u/s 44ad of income tax act , where tax is leviable only on 8% of income .kindly reply urgently