Dear all
I had a doubt there is a partnership firm M/s XYZ now a new persons enters in the partnership firm and brings land with him as his capital so who will be liable to pay thye stamp duty?
Yash Somani (Article Assistant) (106 Points)
10 April 2014Dear all
I had a doubt there is a partnership firm M/s XYZ now a new persons enters in the partnership firm and brings land with him as his capital so who will be liable to pay thye stamp duty?
JAINENDRA JAIN
(ACS/CA)
(1668 Points)
Replied 10 April 2014
THIS IS THE CASE OF TRANSFER OF CAPITAL ASSET FROM INDIVISUAL TO FIRM AND SO THE LAND WILL BE VALUED AT THE PRICE RECORDED IN THE BOOKS OF FIRM.
SINCE THIS ASSET WILL BE RECORDED IN THE BOOKS OF FIRM,STAMP DUTY HAS TO BE PAID BY FIRM.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 10 April 2014
firms is liable to pay stamp duty on the circle rate value of land which is being transferred to firm
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 10 April 2014
but on the other hand if we see practically we can say that capital contribution is
market value of land - cost incurred in transfer of land .
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