Transfer of Fixed Assets purchases

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CA Hemant Jain (Querist)
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06 April 2011 There are two entities X Pvt Ltd and Y LLP.
Both are the sister concern, where Y LLP is newly formed LLP.
Y LLP have purchased some fixed assets but the purchase invoices were given in the name of X Pvt Ltd by the supplier and input cedit on the same was availed by X Pvt Ltd.
As asset purchased for Y LLP they want to show fixed assets in thier accounts, how can we transfer assets from X Pvt Ltd to Y LLP & What are the tax implications?

CA Hemant Jain

CA Hemant Jain (Querist)
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06 April 2011 Hello Experts, please help me to resolve above query on urgent basis.

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