PRIVATE LIMITED CONVERSION INTO LLP

[RISHI]

if a company is converted into LLP, what about the Reserves and surplus outstanding in its balance sheet?  Whether they become the part of Balance Sheet of LLP after conversion or something else to be done?

[Hardik Jetani]

Yes it will be a part of Balance Sheet of LLP. and for your reference, it can not be distributed between the Partners within the period of 3 years of conversion, to avail the Benefit of Section 47 of Income Tax Act.

On Sat, Jul 6, 2019 at 12:19 PM RISHI <rmit...@gmail.com> wrote:

if a company is converted into LLP, what about the Reserves and surplus outstanding in its balance sheet?  Whether they become the part of Balance Sheet of LLP after conversion or something else to be done?

--
--
************************************************
Mail your comments, feedback and suggestions on CSMysore to Moderator: datta...@gmail.com and Manager: vivekhe...@gmail.com
---
You received this message because you are subscribed to the Google Groups "CSMysore" group.
To unsubscribe from this group and stop receiving emails from it, send an email to csmysore+u...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/e88a501e-b6aa-4ec5-9428-9d834b523a81%40googlegroups.com.
For more options, visit https://groups.google.com/d/optout.

--

Thanks & Regards,

CS. HarDik JeTani

(CS., B.COM)

Mo.:+91 94082 30805

E-Mail ID: cshar...@gmail.com

[RISHI]

Thanks a lot, Sir, for your quick response. Please also guide which benefit given under section 47 of IT Act will be withdrawn here?

On Saturday, 6 July 2019 13:37:26 UTC+5:30, Hardik Jetani wrote:

Yes it will be a part of Balance Sheet of LLP. and for your reference, it can not be distributed between the Partners within the period of 3 years of conversion, to avail the Benefit of Section 47 of Income Tax Act.

On Sat, Jul 6, 2019 at 12:19 PM RISHI <rmit...@gmail.com> wrote:

if a company is converted into LLP, what about the Reserves and surplus outstanding in its balance sheet?  Whether they become the part of Balance Sheet of LLP after conversion or something else to be done?

--
--
************************************************
Mail your comments, feedback and suggestions on CSMysore to Moderator: datta...@gmail.com and Manager: vivekhe...@gmail.com
---
You received this message because you are subscribed to the Google Groups "CSMysore" group.

To unsubscribe from this group and stop receiving emails from it, send an email to csmy...@googlegroups.com.

To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/e88a501e-b6aa-4ec5-9428-9d834b523a81%40googlegroups.com.
For more options, visit https://groups.google.com/d/optout.

[Hardik Jetani]

Conversion of Company into LLP shall not be regarded as transfer ans capital gain will not attract if conditions given under section  47(xiiib) are fulfilled. Otherwise, it would be treated as transfer and Company has to pay Capital Gain tax.  

To unsubscribe from this group and stop receiving emails from it, send an email to csmysore+u...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/44591260-a8b2-4c7f-9eeb-a9cacae8606c%40googlegroups.com.

For more options, visit https://groups.google.com/d/optout.

[Priyanka Mundra]

Dear All,

do I have to complete annual filing of the Company for the FY 2018-19 before converting it into LLP? Date of EGM for conversion is 29th June, 2019. Should I take the AGM before 29.06.2019 and complete the filing or file the conversion forms straight away?

Please guide.

Thanks & Regards

Priyanka Mundra

ACS, B.A.LL.B (Gold Medalist)

Ph. No.: 8888817635

To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/CAOGUjhYiyyp%2Bdd%3DTNqY-mLSrzv19vZuU3L8-haNiXUJRmLJA3g%40mail.gmail.com.

[Priyanka Mundra]

Please guide.

Thanks & Regards

Priyanka Mundra

ACS, B.A.LL.B (Gold Medalist)

Ph. No.: 8888817635

[gautam goyal]

Complete the filing first otherwise form may come under resubmission.

To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/CAB-w8fJSkDypD4N6cZM0Snq-M_CDieLUzftLhYd4W01r-Fjv2Q%40mail.gmail.com.

[Priyanka Mundra]

Thank you so much Sir.

Thanks & Regards

Priyanka Mundra

ACS, B.A.LL.B (Gold Medalist)

Ph. No.: 8888817635

To view this discussion on the web visit https://groups.google.com/d/msgid/csmysore/CAFwz763CgLt5MCZDYj02cEozEgNeAA-6pKaKRC6VwwcChVc0bw%40mail.gmail.com.