As per section 14 of Indian Partnership Act, 1932, unless contract
between the partners otherwise provides the property of the firm includes:
(i) all property and rights and interest in property
originally brought into the stock of the firm,
(ii) all property and rights and interest in property,
acquired, by purchase or otherwise, by or for the firm for the purposes and in
the course of the business of the firm,
(iii) goodwill of the business.
Further unless the contrary intention appears, property and rights and interest in property acquired with money belonging to the firm are deemed to have been acquired for the firm.
In the case of Arm Group Enterprises Ltd. vs Waldorf Restaurant [AIR 2003 SC 4106, 2003 (3)
JCR 59 SC, JT 2003 (3) SC 450], the Hon'ble Court held that:
"Under Section 14 of the Partnership Act 1932, in the
absence of an agreement to the contrary, property exclusively belonging to a
person, on his entering into partnership with others, does not become a
property of the partnership merely because it is used for the business of the
partnership. Such property will become property of the partnership only if
there is an agreement - express or implied- that the property was, under the
agreement of the partnership, to be treated as the property of the partnership."
See section 14 of the Indian Partnership Act, 1932 on lawzonline.com