Answers On Topic: Exemption
An LLP is proposed to be converted into a Pvt. Ltd. company. The said conversion is exempt u/s 47(xiii) in the hands of the firm. However no separate exemption is provided u/s 56(2)(x). Therefore, despite the economic interest of the shareholder (being the erstwhile partner) remains same in the Pvt. Ltd. Co. vis-a-vis LLP, would the shareholder be taxed u/s 56(2)(x). The Fair Value of equity shares received by the shareholder (as derived u/r 11UA less balance in the partner's capital account could be bought to tax u/s 56(2)(x). Further, the new Company is merged with another company whereby the…
► Read Answer
WILL A NGO IS ELIGIBLE FOR GST EXEMPTION ON PROCUREMENT OF COVID RELEF EQUIPEMNTS AND MATERIALS LIKE OXYGEN CONCENRATOR ETC
► Read Answer
When a firm is converted in to Limited Liability partnership (LLP) whether exemption is provided u/s 56(2)(x) of the Act .?