27 August 2024
In LLP, If partner retires who has already over drawn form LLP (having Negative Capital balance) , still getting X amount on retirements because there is an appreciation in value of Immovable property (which is currently shown at book value only in balance sheet)
How to show this excess amount paid to Partner in LLP as well as in Partner's books of Accounts ? What will be the tax implication in both (LLP and Partner) ? Is LLP have to show revalued figure of Immovable property in Balance sheet?
CAclubindia
