9911796707
TMI BlogConversion of Company into LLPX X X X Extracts X X X X X X X X Extracts X X X X ..... Conversion of Company into LLP X X X X Extracts X X X X X X X X Extracts X X X X ..... to convert their Unlisted Public company into a LLP. A summary of their financial position is as under: Equity & Liabilities Share Capital-Rs. 1 crore, Securities premium-Rs. 1 cr, Revaluation R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eserve- ₹ 8cr. Assets Land (Original cost 2cr)- 10 cr Now as per section 47(xiiib), to claim exemption from income tax on conversion into LLP, the value of assets of the company in any of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 10cr due to revaluation, can we claim compliance with such condition? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... At the alternate if we proceed with conversion without complying with such condition, what would be the sale consideration for such transfer of the capital asset being land since no actual considera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion will be there.
Reply By DR.MARIAPPAN GOVINDARAJAN:
The Reply:
Section 47(xiiib) deals with the conversion from partnership to a company. But your case is different. X X X X Extracts X X X X X X X X Extracts X X X X ..... edge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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