Question ID : 41071

Partner Contribution

A partner contributes his land purchased at stamp duty value Rs 5 lakhs last month. This is recorded in the books of the firm by a journal entry as his capital contribution for R 5 lakhs. My query is 1) Whether any registration by paying stamp duty is required 2) a factory is proposed to be constructed on the land. If the factory is sold after few years who will be taxable for the land. Firm or Partner.

posted by T.R.S. PATHY SENTHIL on Jun 12 2021 12:00AM