TMI BlogConversion of Company into LLPX X X X Extracts X X X X X X X X Extracts X X X X ..... Hi Sir, One of our clients is looking to convert their Unlisted Public company into a LLP. A summary of their financial position is as under: Equity Liabilities Share Capital-Rs. 1 c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rore, Securities premium-Rs. 1 cr, Revaluation Reserve- ₹ 8cr. Assets Land (Original cost 2cr)- 10 cr Now as per section 47(xiiib) , to claim exemption from income tax on con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... version into LLP, the value of assets of the company in any of the last 3 years should not exceed 5 crs. My question is since in our case, actual cost of land was only 2cr and it was only shown at 10c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r due to revaluation, can we claim compliance with such condition? At the alternate if we proceed with conversion without complying with such condition, what would be the sale consideration for su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch transfer of the capital asset being land since no actual consideration will be there. - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = Section 47(xiiib) deals with the conversion from partn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ership to a company. But your case is different. - Conversion of Company into LLP - Query Started By: - ROHIT GOEL Dated:- 22-5-2018 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Know ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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