Transfer of property between firm & partner.

Sanket Kolambekar (19 Points)

03 February 2021  
two partner agreed to start business of firm which is unregistered. Business of firm is to acquire reservation land and handover it to corporation & obtain TDR/FSI/Development Right Certificate.
firm purchase land in 2018 n recorded as asset with liability occurring against it. on dissolution one partner take this land along with liability.
Tax implication in above scenario.