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
K P BHANUSHALI (PROPRIETOR) (512 Points)
24 April 2012Two 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
Giridhar S Karandikar
(Team Lead)
(7543 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
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....
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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