Answers On Topic: Partnership
Assessee is LLP engaged in the business of real estate in Maharashtra . The LLP is owner of the land having book value of 10 Cr and said land is shown as stock in trade . Assessee and other 3 parties have decided to form a partnership for development of project on the said land. Assessee will introduced the said land as capital contribution for it book value. Issues : 1. Whether there are any stamp duty implication for introducing the said land at book value as capital contribution in the Firm 2. Whether provisions of SEc. 43CA and Sec.…
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X is a partner in a firm along with other partners. Firm has some assets, properties etc. X has a debit balance in the firm. He leaves the firm Without giving or taking anything. Any tax implications for firm or partner?? The status of debit balance in the firm ??
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A practical issue has arisen, though it is not of Technical Nature, but of an Administrative Nature, causing the concerned CA many practical difficulties, especially considerable space of his Office being occupied by the bulky Records of the Assessee. A Partnership Firm has presently pending litigation under the Income Tax Act, 1961 related to around AY 2005-06. Its Partners have refused to take back all Records of that Firm related to that AY from CA’s Office despite repeated request by him from time to time for the reason best known to them. Can CA request the following Authorities / Court…
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Introduction of land as capital contribution – Sec.45(3) – sec.43CA