tax on retiring partner from LLP


Hi sir experts please let me know, there are 3 persons from a family formed LLP some years back, with equal share capital, purchased a capital asset for Rs. 20 lakhs and its present market value is 5 croes. Out of three, one of the partner wants to exist from LLP firm at his actual capital contribution. Because they are from one family, Question is what are the tax complications applicable in the above situation, and as it is LLP, any valuation rules are applicable like in Pvt Ltd on partner share transfer? and in whose hands capital gaints tax will be levied? Experts please enlighten me..


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