Dear
Regards to all ,my question is that :-
One of my clients is having a business establishment at a commercial hub which is presently in the name of the partnership firm having two partner's as Mr A and Mr B . Now that my client intend to sell that property and like to save tax.
For doing the same I have suggestedc and like to know your advise that the property in the name of firm be transferred in the name of both the partner's indiviually .
As they have recently constructed a house which is in the name of their respective wife Mrs A and Mrs B . Now my point is that can exemption u/s 54 be claimed if the property is in the name of his wife so that capital gain tax on sale be claimed exempted .
Secondly a new partnership is being formed which is in the name of their respective husband and can their wife be introduced as partner's in that firm . The capital introduced by ladies shall be in the shape of bank loan which will be uilized for the construction of this new unit .
Can we claim interest on this as business expenses and the repayment of this loan be paid by firm as the property on which laon is being raised and mortaged is in the name of Mrs A and Mrs B .
Please advise
