An individual has transferred Land to a firm as his contribution and the amount has been ascertained as per current market value of the land. How shall this be taxed and presented in the ITR?
2 Replies
ayusmita
(Tax consultant)
(5885 Points)
Replied 04 December 2020
Is the individual a partner of firm
NISHA AGARWAL
(Chartered Accountant)
(454 Points)
Replied 05 December 2020
Yes, he is. It is his Partner's Contribution towards the firm.
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