STAMP DUTY ON TRANSFER OF IMMOVABLE PROPERTY ON CONVERSION OF COMPANY INTO LLP

[deepak gulati]

WE ARE CONVERTING A PRIVATE LIMITED COMPANY IN TO LLP.THE COMPANY OWNS A IMMOVABLE PROPERTY.PLEASE TELL WEATHER THE IMMOVABLE PROPERTY IS REQUIRED TO RE-REGISTER IN THE NAME OF LLP BY PAYING STAMP DUTY

AI Summary

Stamp Duty Not Required on Conversion of Private Limited Company to LLP Under Section 58(4)(b) of LLP Act 2008. A query was raised regarding whether stamp duty is required when a private limited company, owning immovable property, converts into a Limited Liability Partnership (LLP). The response referenced Section 58(4)(b) of the LLP Act, 2008, clarifying that all properties, both tangible and intangible, automatically vest in the LLP by law upon conversion. Therefore, no fresh registration or payment of stamp duty is necessary, as the transfer occurs without the need for additional legal instruments or actions.