➤ Where a partner transfer any capital asset into the business of firm the sale consideration of such asset to the partner shall be
a) Market value of such asset on the date of such tran
b) Price at which it was recorded in the books of the firm
c) Cost of such asset to the partner
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Answer:
a
Explanation:
As per section 45(3) of the Act, whenever a partner contributes any capital asset in the partnership firm then for the purpose of section 48, the value of capital asset recorded in the books of accounts of the firm shall be deemed to be the full value consideration received as a result of such transfer for the purpose .
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