Tax liability on capital contribution in LLP.
This query is : Resolved
15 September 2019
We have to incorporate a LLP in which there are 3 designated partners, 2 of them are contributing cash and the remaining one is contributing immovable property (land) as his capital contribution,
My query is:
1.Whether the designated partner bringing land will have to pay capital gain tax on introduction of capital asset in the LLP.
2. Whether proper transfer instrument needs to be prepared other than LLP deed.
Thanks & Regards,
My query is:
1.Whether the designated partner bringing land will have to pay capital gain tax on introduction of capital asset in the LLP.
2. Whether proper transfer instrument needs to be prepared other than LLP deed.
Thanks & Regards,
16 September 2019
1 Capital gains tax will not arise if there is no transfer deed.
2 Not required.
2 Not required.
16 September 2019
Dear Seetharaman sir,
just asking for my clarification, whether sec 45(3) is not applicable in this case and amount recorded by firm in books should be treated as sales consideration.
just asking for my clarification, whether sec 45(3) is not applicable in this case and amount recorded by firm in books should be treated as sales consideration.
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- Reporting of STCG on Property in ITR
- ITR-4 vs ITR 5
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
