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Hello everyone, I hope you all are doing well!
I have a question to which I hope to get an appropriate answer.
If at the beginning of starting the business there were 2 partners A & B. A got the land(owned by his father) and B brought cash to invest from his family which was completely invested in the construction on the land.
After 6 months business is not giving good response and always needs money to be infused due to which partners are getting uninterested in doing the business.
Note: no paper work has been done between A&B till date.
Now, the question arises if they plan to shut it down what should ideally happen to the early investment which B brought in. Will A be liable for anything in the end if business fails, and especially because the money(by B) has been invested on the land?
What will happen to the construction?
(Because the land will continue to be owned by A's father).
As per business terms, the value of the property (constructed one) should be evaluated. Based on it A should refund the amount to B with any profit in FMV.
Otherwise, at least the fund invested by B should be returned back by A, and get relieved of the encumbrance.
@ Honourable Dhirajlal Lal sir plse tell me the current rules 2023
1.what is mean by composition tax per in GST what is the eligible to get this composition taxpayer scheme please explain me clearly?
2. qrmp quarterly return monthly payment which means what in GST I need clarifications
3. for practical point of you if one person doing a GST return filing for clients without enrollment of GST practicener it is violation??? GSTP is must
please give me a solution above the questions2. The GSTR 4 form needs to be filed quarterly, on the 18th of last month in the quarter. Further, as a taxpayer under the composition scheme, annual return GSTR-9A will need to be filed on or before the 31st of December in the succeeding financial year.
gst-return-under-the-composition-scheme
3. Not violated when the returns are filed by logging through client's login ID.
Otherwise yes ..
It all depends on the partnership deed… generally at the time of infusion of land ,Valuation should have done and partners capital account credited with the contribution,deed should also define the event of cessation and profit sharing ratio , generally after all disposal and settle of all dues ,surplus will be distributed on the basis of capital contributed..here land will appreciate in value ,and if their is clause in partnership about to retain extra value by A itself or repayment of initial investment only then A can keep extra value of land ,but it depends on the understanding between Partners’ per se…
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