Llp:how can i withdraw money from it & tax doubts

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SosMe (Querist)
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30 January 2012 To start with, Im new to this LLP concept & currently doing freelance business as soleproperitor with around 25lacs earning/yr.

Now Im planning to start an LLP with me & my dad (61 yrs) under it.My doubts are,

1) How shall I withdraw money for my personal expenses from LLP bank account (like home loan repayment or purchase of new home etc)?
2) I hear that 30% is the tax rate for LLPs.In my case, I would pay around Rs.7.5lacs as tax.Isnt it possible to bring down the tax paid?

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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30 January 2012 Consult some tax consultant.

Krishna
9999777166

CA. Gopi Vijayaragavan

CA. Gopi Vijayaragavan (Expert)
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30 January 2012 For withdrawals for your personal expenses, you can make it by drawing funds from your business by making a suitable provision in partnership deed. There is no bar.

For tax reduction, you may have a consultancy with the experts. Partner remuneration may be drawn to reduce the tax of the firm

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