{"id":29810,"date":"2022-09-17T08:08:51","date_gmt":"2022-09-17T02:38:51","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&p=29810"},"modified":"2022-09-20T15:24:20","modified_gmt":"2022-09-20T09:54:20","slug":"capital-contribution-in-llp","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/capital-contribution-in-llp\/","title":{"rendered":"Capital contribution in LLP"},"content":{"rendered":"

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.<\/p>\n

The ratio of capital contribution and profit sharing ratio was 60%, 20% and 20% respectively.<\/p>\n

The capital of 7 lacs upto 31.03.2022 was contributed by Mr. K and Mr. A.<\/p>\n

No capital was contributed by Mrs. R (wife of Mr. K).<\/p>\n

During F.Y. 2021-22 no business was carried on except purchase of land.<\/p>\n

In F.Y. 22-2.3 the % of capital contribution and profit sharing ratio was changed with stitulation that the capital will be contributed by the partners in the new proportion as and when required.<\/p>\n

Query:<\/p>\n

    \n
  1. Since in F.Y. 21-22 Mrs. R (wife of Mr. K) had not contributed the capital what will be the consequences under the LLP Act?<\/li>\n
  2. The amount of penalty if any?<\/li>\n
  3. Whether it is advisable to pass a journal entry in F.Y. 21-22 transferring the requisite amount from Mr. K to Mrs. R (wife of Mr. K) ?<\/li>\n
  4. Whether sec. 269SS of Income Tax will be applicable on the above entry? No tax Audit is Required in the case of LLP for F.Y. 21-22, since no business carried om in the relevant year.<\/li>\n<\/ol>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[698,592,593],"class_list":["post-29810","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-capital-contribution","qa_tag-limited-liability-partnership","qa_tag-llp"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/29810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29810"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29810"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=29810"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=29810"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=29810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}