Two brothers are planning to form a Partnership Firm in which both of them will be partners in equal share.
What are the consequences ? Is there any clubbing provision in this regard?
T & R
4 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 24 April 2012
clubbing provision are applicable if only there is any transfer of any asset to the relative without adequate consideration.
In your case no suhc trasnfer is involved, so no clubbing is required. Both the brothers can form the p'ship firm.
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 24 April 2012
Yes, they can form a partnership firm without attracting any clubbing provisions.
They both will assessed separately.
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 24 April 2012
Yes, they can form a partnership firm without attracting any clubbing provisions. They both will assessed separately.
CA SANDEEP BANSAL
(PARTNER)
(38 Points)
Replied 24 April 2012
no clubbing will be done unless they dont go for any transfer of assets without consideration or inadequote consideration....
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