Answers On Topic: Limited liability partnership
The LLP in there agreement obligated to contribute 20 lakhs each by four partners. On 15th dec 2022. However till 31st March 23 nil contribution made by the partner. My query is can we show 80 lakhs as capital contribution and corresponding 80lakhs as receivable from partners in current assets as on 31st 2023 balance sheet. Thk in adv.
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Sir/Madam, whether there is any difference between fixed and fluctuating capital contribution. And for audit purpose under Section 34 read with Rule 24 whether both have to be added.
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Assessee is LLp having 8 partners, engaged in business of construction. Is having 4 diffrent housing project . One project which is eligible for deduction u/sec.80IBA of which profits are shared equally. Remaining 3 projects which are not eligible for deduction u/sec.80IBA , they have decided to share profit sharing ratio in diffrent ration as per their mutual understanding due to involvement of partners, capital contribution by the partners . Issues : 1. Whether this arrangement is permissible under LLP act as well as Income Tax Act 2. Whether credit of AMT paid on project can be use against tax…
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Can a LLP go for Demeger to a Pvt Indian/Foreign company or another LLP
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As per L&T agreement dated 18.09.2021 Mr. K Mrs. R (wife of Mr. K) and Mr. A became partners of the firms with capitals of Rs. 7 lacs. The ratio of capital contribution and profit sharing ratio was 60%, 20% and 20% respectively. The capital of 7 lacs upto 31.03.2022 was contributed by Mr. K and Mr. A. No capital was contributed by Mrs. R (wife of Mr. K). During F.Y. 2021-22 no business was carried on except purchase of land. In F.Y. 22-2.3 the % of capital contribution and profit sharing ratio was changed with stitulation that the capital…
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In a LLP partners capital is at Rs 10 lacs and reserves and surplus are of Rs 100 lacs. on dissolution of partnership, partners will get 110 lacs . whether 100 lacs received on dissolution is taxable in the hands of partner. note reserves and surplus created from share premium account , and stand as reserves in LLP on conversion from company to LLP
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Capital contribution by partners