15 September 2019
We have to incorporate a LLP in which there are 3 designated partners, 2 of them are contributing cash and the remaining one is contributing immovable property (land) as his capital contribution,
My query is:
1.Whether the designated partner bringing land will have to pay capital gain tax on introduction of capital asset in the LLP.
2. Whether proper transfer instrument needs to be prepared other than LLP deed.
just asking for my clarification, whether sec 45(3) is not applicable in this case and amount recorded by firm in books should be treated as sales consideration.
CAclubindia
