Conversion of company in to llp - capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 May 2016
One company has recently converted itself in to LLP, the company had accumulated profit of Rs.5.47 Crores, Security Premium of Rs.1.88 Crores & Capital of 0.49 Crores at the time of conversion.
The converted LLP has advanced around 5 crores to an AOP in which partners of LLP are substantially interested. The LLP has received interest from AOP & in next year the funds which were given as Loan & Advance are also recovered back.
Whether it would violate the condition of section 47(xiiib) or not ?
Kindly answer my question asap.
The converted LLP has advanced around 5 crores to an AOP in which partners of LLP are substantially interested. The LLP has received interest from AOP & in next year the funds which were given as Loan & Advance are also recovered back.
Whether it would violate the condition of section 47(xiiib) or not ?
Kindly answer my question asap.
10 May 2016
yes, is violation of sec 47 xiii b . pls read section 47 A (4) for consequences
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
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
