Tax on conversion of firm into LLP
This query is : Resolved
08 July 2009
Does budget 09 provides exemption from capital gain on conversion of a firm into LLP? Whether conversion of firm/limited company into LLP will attract Capital Gain Tax?
CA. B.SRINIVASULU
(Expert)
08 July 2009
If all the parners of the firm should become shareholders. The firms liability towards partners should be the capital of the LLP and the amounts of each person should match when we verify partnership with that of LLP then we can get exemption from capital gains tax.
10 July 2009
Thank you for prompt reply. Can you please inform me under which section of Income Tax Act exemption is available? What is clause number of the Finance Bill 2009?
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