Capital Gains on sale of Asset sold by Partner's Wife

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  1. A Partnership firm engaged in logistics business bought a land in the name of partner's wife in november 2011. The payments for purchase of property and the sale receipts are directly credited/debited by/to the firm's bank accounts.The title deed of the land was in the nane of the Partner's wife when it was capitalised in the firm's books. The Land was capitalised in the firm's books and capital gains on sale of property in 2013 was paid by the firm for the relevant assessment year.

    Questions:-
    1. Can a property bought in the name of a partner's wife be capitalised in the firm's books ? If yes will this be a transfer of capital asset for the partner's wife u/s 2(47) of income tax act,1961 in the above case?
    2. Is the treatment adopted by the firm valid in the eyes of law?
    3. Will the payments made and other formalities done by the firm on the property be sufficient to capitalise the land in the firm's books ? The firm has not received any consideration from the partner's wife or partner for the maintenance of the property. 4.What will be the correct treatment if both the questions above are negative?
     
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