{"id":38385,"date":"2024-01-16T19:45:12","date_gmt":"2024-01-16T14:15:12","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=38385"},"modified":"2024-01-16T19:45:12","modified_gmt":"2024-01-16T14:15:12","slug":"conversion-of-company-into-llp-applicability-of-sections-50c-and-50ca","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/conversion-of-company-into-llp-applicability-of-sections-50c-and-50ca\/","title":{"rendered":"Conversion of company into LLP, applicability of sections 50C and 50CA.?"},"content":{"rendered":"<p>ABC Private Limited has annual turnover of more than Rs. 60 Lakhs in last 3 preceding financial years and wants to convert into LLP. The assets and liabilities of the company will be recorded at book value in the books of LLP. The Board of Directors (BOD) of ABC Private Limited seek following clarifications:<\/p>\n<p>(a)\u00a0\u00a0 Examine the tax implications in the hands of the company.<\/p>\n<p>(b)\u00a0\u00a0 Applicability of section 50C and Section 50CA if assets of ABC Private Limited includes immovable property and securities held as capital asset,<\/p>\n<p>(c)\u00a0\u00a0 Whether there will be any tax implication in the hands of shareholders if there are\u00a0 good amount of accumulated profit in the company?<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[1130,1129],"qa_category":[23],"qa_tag":[1165,1164],"class_list":["post-38385","qa","type-qa","status-publish","hentry","qa_expert-chartered-accountant","qa_expert-mr-h-n-motiwalla","qa_category-income-tax","qa_tag-applicability-of-sections-50c-and-50ca","qa_tag-conversion-of-company-into-llp"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/38385","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=38385"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38385"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=38385"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=38385"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=38385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}