Profit investing in partnership firm india


Hi,

gr8t forum lots of usefull information...We have a partnership firm that registers fair profits  each month.. Our auditor has told us the profits cant be taken out by the partners until year end account which i thought was stupid.

So our profits are sittle idle are at best making 6% interest on deposit which we are not happy with so we want to invest our profits into a diversified portfolio and invest every month to do better averaging.

1.Mutual Funds

2.National Spot Exchange (Gold,Silver) eceltronic units with DMAT

Is this possible ,how do we go about making money on our profits and is it possible to just tranfer the investments to partners DMAT accounts after year end accounting and paying of taxes. Since we wont be selling the investments there is no profit or loss realized so do we still need to worry about taxation on these investments...

I have search all over the internet and cound not find any answers...

Thanks for the help....

 
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Advocate&consultant

yes, after year end , you can transfer

 
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thanks Dharani,

can you  please eloborate..

do we need to hold the units of mutualfunds/e-gold units in trading account until year end...

what about the tax situation....

 
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