Limited liability partnership

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

24 October 2012 Whether a capital contribution to llp by partner by means of land needs to be registered in the name of llp?

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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24 October 2012 Yes, Offcourse Treat Asset Like a Capital Contribution only, Like Cash Only.

Entry Will be:-

Land (Asset) Dr.
to Partners Capital Account.

Otherwise If You Dont Want to Transfer The land, Then You Can Show It on Rent, and Every Year land Rent Show receipts.

Otherwise Capital Gain Will Attract.

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2012 I dont have doubt as to how to treat in the books.

My question was whether it is mandatory to register land in the name of LLP under The Registration Act or land laws in Tamil Nadu?

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CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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25 October 2012 Yes, You Need to Register Under the Transfer of Immovable Property Act

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2012 under which section of the said act