Capital asset
This query is : Resolved
21 January 2015
ARE THE SHARES OF A LLP A CAPITAL ASSET UNDER INCOME TAX??
DO THEY ATTRACT CAPITAL GAIN?
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.
yes its like extinguishment of right on selling it.
21 January 2015
so it will attract capital gain?
any authenticated links for that?
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.
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.
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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...
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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