Conversion of company in to llp - capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 May 2016
One company has recently converted itself in to LLP, the company had accumulated profit of Rs.5.47 Crores, Security Premium of Rs.1.88 Crores & Capital of 0.49 Crores at the time of conversion.
The converted LLP has advanced around 5 crores to an AOP in which partners of LLP are substantially interested. The LLP has received interest from AOP & in next year the funds which were given as Loan & Advance are also recovered back.
Whether it would violate the condition of section 47(xiiib) or not ?
Kindly answer my question asap.
The converted LLP has advanced around 5 crores to an AOP in which partners of LLP are substantially interested. The LLP has received interest from AOP & in next year the funds which were given as Loan & Advance are also recovered back.
Whether it would violate the condition of section 47(xiiib) or not ?
Kindly answer my question asap.
10 May 2016
yes, is violation of sec 47 xiii b . pls read section 47 A (4) for consequences
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