A AND B ARE PARTNERS IN FIRM DOING BUSINESS OF RESIDENTIAL HOTEL AT MUMBAI.HOTEL BUILDING IS ON THE NAME OF PARTNERS..EARIER THEY WERER CHARGING RENT TO THEIR PARTNERSHIP FIRM FOR USE OF PERSONAL BUILDING .THEY WERE CHARGING GST 18% TO FIRM.NOW THEY WANT TO MAKE AGREMENT WITH THEIR OWN FIRM FOR REVENUE SHARING THAT A WILL GET 45%,B GET 45% AND FIRM GET 10%.WHETHER THERE IS ANY GST TAX LIABILITY ON SALE REVENUE SHARING,ON BUILDING OWNERS
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Sharing of revenue
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it's agreement not valid because firm not become a partner in firm
AGREEMENT BETWEEN MR A MRS B ONESIDE AND PARTNERSHIP FIRM OTHERSIDE
The partnership has no legal ownership on the property... hence, it can not... though its a business income and they may enter into an agreement with the firm for maintenance and management of the organisation. Though its not clear what purpose will it solve.
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