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

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This query is : Resolved

SosMe (Querist)

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)

30 January 2012 Consult some tax consultant.

Krishna
9999777166

CA. Gopi Vijayaragavan

CA. Gopi Vijayaragavan (Expert)

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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