Conversion from LLP to Private Limited Company
This query is : Resolved
hiren parikh
(Querist)
20 November 2019
We are planning to convert the existing LLP into Private Limited Company.
In the existing LLP, for fixed assets we follow the rates of depreciation as per the Income Tax Act,1961 i.e., on WDV. Individual asset value is not available.
Now, if the LLP is converted into Pvt. Ltd. , we need to follow the methods available as per the companies act. How to arrive the value of individual asset for assessing the balance useful life in this case?
If anybody know the process, please help.
In the existing LLP, for fixed assets we follow the rates of depreciation as per the Income Tax Act,1961 i.e., on WDV. Individual asset value is not available.
Now, if the LLP is converted into Pvt. Ltd. , we need to follow the methods available as per the companies act. How to arrive the value of individual asset for assessing the balance useful life in this case?
If anybody know the process, please help.
Srishti Agrawal
(Expert)
23 November 2019
Hello, do you have the original values of assets available?
hiren parikh
(Querist)
23 November 2019
Not for all the assets, some of the assets are very old purchase.
hiren parikh
(Querist)
23 November 2019
At few places, we can not trace the physical assets with the book records.
Srishti Agrawal
(Expert)
23 November 2019
I would need more details on the assets kind and how old is your firm.
You can write an email to me also at srishti.ag11@gmail.com
You can write an email to me also at srishti.ag11@gmail.com
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