{"id":31408,"date":"2022-12-27T10:48:59","date_gmt":"2022-12-27T05:18:59","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=31408"},"modified":"2022-12-29T15:54:23","modified_gmt":"2022-12-29T10:24:23","slug":"arrangement-of-partners-in-llp","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/arrangement-of-partners-in-llp\/","title":{"rendered":"ARRANGEMENT OF PARTNERS IN LLP"},"content":{"rendered":"<p>Assessee is LLp having 8 partners, engaged in business of construction.\u00a0 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 .<\/p>\n<p>Issues :<\/p>\n<p>1. Whether this arrangement is permissible under LLP act as well as Income Tax Act<\/p>\n<p>2. Whether credit of AMT paid on project can be use against tax liability of other 3 projects.<\/p>\n<p>Pl guide .<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[770,33,771,772,769,768],"qa_category":[23],"qa_tag":[767,592],"class_list":["post-31408","qa","type-qa","status-publish","hentry","qa_expert-1882-therefore","qa_expert-advocate-shashi-ashok-bekal","qa_expert-as-long-as-the-objects-are-legal-and-there-is-a-mutual-understanding-amongst-the-partners","qa_expert-such-an-arrangement-is-possible-amt-is-on-the-basis-of-total-computation-of-income-of-all-consolidated-projects-and-is-not-computed-project-wise","qa_expert-the-partnerships-are-fundamentally-on-the-basis-of-indian-contract-act","qa_expert-yes","qa_category-income-tax","qa_tag-arrangement-of-partners","qa_tag-limited-liability-partnership"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/31408","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=31408"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=31408"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=31408"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=31408"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=31408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}