https://www.taxtmi.com/article/detailed?id=378 The article explains that although LLPs are separate legal persons, many tax systems treat them as fiscally transparent, with business income, assets and capital gains attributed to partners and taxed in their hands. It highlights UK and US practice of applying partnership tax rules to LLPs, notes the absence of tax provisions in the LLP Act 2008, and sets out Indian policy questions to be resolved: entity versus partner taxation, capital gains attribution on LLP asset transfers, valuation of transferable interests, applicability of tax treaty benefits, and transitional rules on conversions. en-us Tue, 02 Jun 2009 00:00:00 +0530 Thu, 10 Dec 2009 19:15:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=378 The article explains that although LLPs are separate legal persons, many tax systems treat them as fiscally transparent, with business income, assets and capital gains attributed to partners and taxed in their hands. It highlights UK and US practice of applying partnership tax rules to LLPs, notes the absence of tax provisions in the LLP Act 2008, and sets out Indian policy questions to be resolved: entity versus partner taxation, capital gains attribution on LLP asset transfers, valuation of transferable interests, applicability of tax treaty benefits, and transitional rules on conversions. Articles Limited Liability Partnership - LLP Tue, 02 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=378