| Question And Answer | |
|---|---|
| Subject: | disolution of partnership firm |
| Category: | Income-Tax |
| Querist: | Raghav |
| Answered by: | Reply of the Expert is awaited; |
| Tags: | partnership firm |
| Date: | December 30, 2023 |
Blue Sea Investments LLP has 3 equal partners. It has made investment in property of INR 2 Cr and in a start ups of INR 3 Cr.
One of the partners wishes to retire from the LLP from 1 Jan 2024 due to his old age and need funds for his day to day living / medical expenses.
On 1 Jan 2024 the market value of property and value of investment in startups is INR 5 Cr and INR 9 Cr respectively.
What would be the tax impact on the LLP as well as retiring partner on amount paid to retiring partner by the LLP (INR 1 + 1 = 2 towards property and INR 1 + 2 = 3 towards investment in startups).
What would be the tax impact if continuing partners pay above amount to retiring partner instead of the LLP.
Reply of the Expert is awaited. Please check back later
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