Dear experts,
we purchased new shop in our firm and shown them as asset and claimed depreciation and also debited its "interest paid" as financing cost in our p&l, to which our ca advised us not to show it as firm asset rather to keep in one of partner personal name so that he can get us capital gain benefit.
due to this planning we had to pay extra income tax.
kindly share opinions
As per my view:
In this case opinion is not possible from me.
But, advice is better to act based on future complaint...
Better to avoid the plan...
CAclubindia
