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A D BHANDARI (Querist)
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29 December 2014 Dear sir, I was running a proprietary firm. That time I purchased a N.A. land (Plot) on my proprietor firm name. In 7/12, the ownership of plot print like this.. "ANILKUMAR Proprietor of PRERNA NEWS & FEATURES". Now I registered LLP Firm. " PRERNA NEWS & FEATURES LLP". In this LLP firm, me and my wife are partners. Please advise me that I have to transfer my land (plot) on our LLP Firm? I have to make again sale deed of my land to LLP firm? Or it will automatically transfer? Please Help me.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 December 2014 Conversion of Proprietorship firm into LLP
Key Benefits:
A) Automatic transfer
All the assets and liabilities of the firm immediately before the conversion become the assets and liabilities of the LLP.
B) No Stamp Duty
All movable and immovable properties of the firm automatically vest in the LLP. No instrument of transfer is required to be executed and hence no stamp duty is required to be paid.
C) No Capital Gain Tax
No Capital Gains tax shall be charged on transfer of property from firm to LLP.
D) Continuation of Brand Value
The goodwill of the firm and its brand value is kept intact and continues to enjoy the previous success story with legal recognition.

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