Tax liability of LLP after conversion

It is proposed in the Finance Act  2010 that LLP and general partnership is treated as equivalent (except for recovery purpose) in the Act, the conversion from a general partnership firm to an LLP will have no tax implication, if the rights and obligation of the partners remain the same after conversion and if there is no transfer of any asset or liability after conversion. If there is a violation of these conditions , the provision of capital gain will apply.

Hi Vishal,

Thanks for the help.