https://www.taxtmi.com/caselaws?id=38864 Immovable property may become partnership property when a partner contributes it to the firm's capital stock and the surrounding intention shows it was treated as firm asset; a registered conveyance is not indispensable for that result. Registration is required only where an instrument creates or declares rights in immovable property, so the absence of such a deed does not by itself keep the building in the partner's exclusive ownership. Once treated as partnership property, wealth-tax must reflect only the partner's interest in the firm asset, not the full value of the building as an individual asset. en-us Fri, 08 Apr 1977 00:00:00 +0530 Sat, 10 Apr 2010 10:35:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38864 Immovable property may become partnership property when a partner contributes it to the firm's capital stock and the surrounding intention shows it was treated as firm asset; a registered conveyance is not indispensable for that result. Registration is required only where an instrument creates or declares rights in immovable property, so the absence of such a deed does not by itself keep the building in the partner's exclusive ownership. Once treated as partnership property, wealth-tax must reflect only the partner's interest in the firm asset, not the full value of the building as an individual asset. Case-Laws Wealth-tax Fri, 08 Apr 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38864