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21 January 2015 ARE THE SHARES OF A LLP A CAPITAL ASSET UNDER INCOME TAX??
DO THEY ATTRACT CAPITAL GAIN?

21 January 2015 LLP is a partnership firm how they can have shares like company/

21 January 2015 shares to partners may be??




21 January 2015 thats not share as in companies but share of profit in llp.

yes its like extinguishment of right on selling it.

21 January 2015 so it will attract capital gain?
any authenticated links for that?

21 January 2015 yes. It will attract capital gain.
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21 January 2015 can u please provide relevant provision in the act ?section ?

21 January 2015 you can go through section 45 of the Income Tax Act, 1961 for the chargeability of capital gain.
If you are looking for a specific mention of "share of firm/llp", you wont find the same in ACt. For that refer Singhania's book on Income Tax.




21 January 2015 ok i will check out..

21 January 2015 you are most welcome.
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21 January 2015 llp can issue shares ? which section?

22 January 2015 No. LLP can not issue shares like company.




22 January 2015 Kamlesh, it seems that you are NOT convinced that LLP can NOT issue shares....
Can you please elaborate your query as to LLP share?
May be, you are confusing LLP with OPC.....

Limited Liability Partnership versus One Person Company

Please share your confusion...



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