Can balance of current account can be withdrawn from the LLP

Can capital and current balance of LLP be withdrawn by partners?

There is no restriction in the law. The LLP agreement will decide this matter.

As found the income tax may prohibit the withdrawal. If it is withdrawable at what rate it will be taxable?

There is no prohibition. It is just a capital receipt. Not specifically taxed.

I have read somewhere that the current account balance of LLP can't be withdrawn till 3 years from the conversion. We have to wait for 3years for withdrawal of accumulated reserve. I am little bit confused in that. Can you please reconfirm that the 3years will not be an issue.

Yes, you are correct.

The original query didn't mention about conversion.

In the beginning i have private limited company which now got converted into LLP, so can i withdraw the current balance from the LLP.

Hii Manish 

Still not clear with answer, can i withdraw capital after conversion. 6month ago my company got converted into LLP. Can i withdraw capital, tomorrow.