14 August 2012
A,B,C,D are individuals are willing to form a LLP by bringing their agricultural land(s) as capital contribution.
1. Can the LLP become the owner of these four pieces of land if the partners continue to hold the land in their name on behalf of LLP? If Yes then - is it necessary to pay stampduty on the basis of valuation declared as capital contribution by partners in the form agri. land?
2. Can the ltd. company become the partner of the LLP? if Yes then Can the other partners give power of attorny to this company or it's representative to sale/develop the agricultural land?
15 August 2012
1. stamp duty required to be paid .. 2.Ltd co. can become a partner of LLP and other partners can give POA to Co.- i.e. representative person...
CAclubindia
