PROP GIVES HIS STOCK AND FIXED ASSET TO HIS PARTNERSHIP FIRM

[RAHUL GAIKWAD]

Prop. gives his Stock and Fixed Assets to New Partnership FIrm as a Capital Investment into therein.

My Que is is it Legal.? what is Legal Process.?

AI Summary

Proprietor's Asset Transfer to Partnership Firm Raises Income Tax Legality Concerns Under Relevant Regulations A proprietor transferred his stock and fixed assets to a new partnership firm as capital investment. The query raised concerns about the legality and the legal process involved in such a transfer under income tax regulations.