Conversion of company into LLP, applicability of sections 50C and 50CA.?

ABC Private Limited has annual turnover of more than Rs. 60 Lakhs in last 3 preceding financial years and wants to convert into LLP. The assets and liabilities of the company will be recorded at book value in the books of LLP. The Board of Directors (BOD) of ABC Private Limited seek following clarifications: (a)   Examine the tax implications in the hands of the company. (b)   Applicability of section 50C and Section 50CA if assets of ABC Private Limited includes immovable property and securities held as capital asset, (c)   Whether there will be any tax implication in the hands of…

► Read Answer