Property shown on balance sheet
syed niaz ahmed shah
(Querist) 08 September 2012
This query is : Resolved
there is no agreement or any transfer of property to the firm , but ppropety shown in income tax returns nad balance sheet. the property purchased before the partnership was ever born in the name of three persons who are now partners of 2 more.
on dissolution the other partners are claiming it to be partnership property.
No credit has been given to the partners whose name is on the property in their capital or profit accrued.
The partners whose name exists on property are not agreeing to the property being partnership property.
No transfer of property has been done to the firm.
No value has been given to the partners.
it has been shown in fixed assets in balance sheet and not in capital a/c.
i need to know whether the property becomes partnership property. what are the safe guards the property owners have to take to protect their property from becoming partnership property.
Anish Thakur 7018812737
(Expert) 08 September 2012
in your query the property belonging to three persons who is now a member of firm has shown in income tax return and balance sheet which mean they had agreed or transfered that property to the firm and firm had filed the income tax return of that,
you have to file a declaratory suit for clearing the title so that claim of firm be dismissed.
