Can a LLP go for Demeger to a Pvt Indian/Foreign company or another LLP
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Assessee is LLP having 4 partners out of them 3 are individual and one is another LLP, engaged in the business of constructions. They started the residential project and entire project is complete and completion certificate is also received from APPROPRIATE Local Athority . They have decided to distribute 4 unsold units of equal size between themselves. Issues : 1. What are implication under stamp duty, GST and income tax 2. Whether it is okay , if they transfer these units at Ready reckoner rate? Even though last unit sold was much higher than ready reckoner rate? 3. Does it…
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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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Can a LLP go for Demeger to a Pvt Indian/Foreign company or another LLP