Transfer of Immovable property to LLP

[kapil dudeja]

Dear members,

Please help me in the following query.

Can partners transfer their own immovable property to LLP as contribution and if yes, whether stamp duty on immovable property will again be payable or not?

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Regards -
Kapil Dudeja
# 9911554710
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[Umesh Vyas]

LLP in which state please?

CS Umesh Vyas.

B.Com., LL.B., ACS

Practising Company Secretary.

Mob.:09427630539

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[kapil dudeja]

LLP in haryana & property in UP.

[AJAY NATH Sahay]

In my view stamp duty is applicable when there right obligation.If they are absent no stamp duty is required.Here in your case there is transfer but is  as contribution so there is no stamp duty

[kapil dudeja]

But sir, since LLP is a separate legal entity. Also , property is in the name of only one in the name of partner.

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[K.Muthusamy]

Not necessarily it should be transfered.

However the mode of capital contribution should be well defined

LLP agreemt may provide for either

1) transfer of the property as contribution - stamp duty applicable as pr respective state act 

2) Parter may convey only the rights without transfer

3) LLP agreemt provide transfer without name change

4) LLP agreement may provide for long term lease (say 99 years) with applicable stamp duty

This is where professional's role is important

Study the concerned state stamp act / TP act before advise

Kindly check IT provisions and judgments on this subject if any

On Thu, Feb 16, 2017 at 5:16 PM, kapil dudeja <kapil...@gmail.com> wrote:

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With regards

 

K.MUTHUSAMY BCom,FCMA,FCS

JMACS ASSOCIATES 

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[AJAY NATH Sahay]

Dear Friend,

Further I would like to state that in your case the property has been transferred without consideration so it can be treated as has been gifted to the LLP. And for a valid gift it is necessary to be  through a registered deed and stamp duty be paid thereon. Pl bear in you mind both The T P Act and Registration Act also.

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