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Ritesh and Hitesh are childhood friends. Ritesh is a consultant whereas Hitesh is an architect. They contributed equal amounts and purchased a building for Rs. 2 crores. After a year, they sold it for Rs.3 crores and shared the profits equally. Are they doing the business in partnership ? |
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Answer» No, they are not doing business in partnership because they are not involved in doing sale and purchase of land/ plot on a regular basis/Mere co-ownership of a property does not amount to partnership. |
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