{"id":38288,"date":"2023-12-30T12:34:46","date_gmt":"2023-12-30T07:04:46","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=38288"},"modified":"2023-12-30T12:34:46","modified_gmt":"2023-12-30T07:04:46","slug":"disolution-of-partnership-firm","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/disolution-of-partnership-firm\/","title":{"rendered":"disolution of partnership firm"},"content":{"rendered":"<p>Blue Sea Investments LLP has 3 equal partners. It has made investment in property of INR 2 Cr and in a start ups of INR 3 Cr.<br \/>\nOne of the partners wishes to retire from the LLP from 1 Jan 2024 due to his old age and need funds for his day to day living \/ medical expenses.<br \/>\nOn 1 Jan 2024 the market value of property and value of investment in startups is INR 5 Cr and INR 9 Cr respectively.<br \/>\nWhat would be the tax impact on the LLP as well as retiring partner on amount paid to retiring partner by the LLP (INR 1 + 1 = 2 towards property and INR 1 + 2 = 3 towards investment in startups).<br \/>\nWhat would be the tax impact if continuing partners pay above amount to retiring partner instead of the LLP.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[],"qa_category":[23],"qa_tag":[380],"class_list":["post-38288","qa","type-qa","status-publish","hentry","qa_category-income-tax","qa_tag-partnership-firm"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/38288","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=38288"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38288"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=38288"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=38288"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=38288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}