A certain property is purchased with partnership money but in the name and for the sole benefit of a...........

Indian Partnershoip Act (IPA) 1930 Miscellaneous Provisions

A certain property is purchased with partnership money, but in the name and for the sole benefit of a partner, he becoming debtor to the firm for the purchase money. In this case -

the property becomes the personal property of the partner

the property becomes the separate property of the firm

the property becomes the joint property of the partner and the firm

None of the above

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Explanation:

Section 14 of Partnership Act –
14. The property of the firm. 9Subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm, or for the purposes and in the course of business of the firm, and includes also the goodwill of the business. Unless the contrary intention appears, property and rights and interests in property acquired with money belonging to the firm are deemed to have been acquired for the firm.