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Conversion of partnership firm to LLP

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(Querist)
20 December 2019 While converting a P. firm into LLP, the assets were revalued. The amt of revaluation was credited to partner's a/c in its PSR. Whether it is taxable in the hands of Firm/LLP/its partners?
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Asha Kanta Sharmapro badge (Expert)
29 May 2020 It will be taxable in the hands of firm.

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