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?
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?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Salary and pension received from Asian Development Bank
- Free lancer income
- Regarding IMS Mandatory from 1st July 2026
- What is provisional receipt number for generation of form 16A
- Capital Gain on EUITY Shares
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
