Hi,
I am planning to rent my apartment as my son has bought a new house. I was planning to introduce my house property to the llp as capital contribution, but the income tax will tax the arrangement even thought i have not received any money just because it was a transfer of capital assets. i would like to know any other method by which i can make this transaction without paying tax on it.
I am planning to rent my apartment as my son has bought a new house. I was planning to introduce my house property to the llp as capital contribution, but the income tax will tax the arrangement even thought i have not received any money just because it was a transfer of capital assets. i would like to know any other method by which i can make this transaction without paying tax on it.