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Whether any stamp duty is payable on conversion of company into LLP?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Whether any stamp duty is payable on conversion of company into LLP?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

In case of conversion of a company into Limited Liability partnership, there is no transfer of Assets and Liabilities. All movable and immovable properties of the company automatically vests in the Limited Liability Partnership. No instrument of transfer is required to be executed and hence no stamp duty is required to be paid.

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Open uri20170510 32134 s5bvk0?1494421637 answered

Dear Friend, as far as your query is concerned that Whether any stamp duty is payable on conversion of company into LLP? Let me informed that As per our understanding , in case of conversion of company into LLP, there is no transfer of assets and liabilities and moreover , there is no requirement of executing any instrument for giving effect to the vesting of ownership and therefore , there would not be any stamp duty incidence. Hope answer was helpful to you Regards, Arjun Pratap Singh

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**Stamp duty** is a tax that is levied on legal recognition of documents. Stamp duty is payable under **Section 3 of the Indian Stamp Act, 1899**. The levy of stamp duty is a state subject and thus the rates of stamp duty vary from state to state. The Centre levies stamp duty on specified instruments and also fixes the rates for these instruments. In case of **conversion of a company into Limited Liability partnership**, there is no transfer of Assets and Liabilities. All movable and immovable properties of the company automatically vests in the Limited Liability Partnership. No instrument of transfer is required to be executed and hence no stamp duty is required to be paid.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

No Stamp Duty on conversion into LLP The Government may exempt partnership firms and limited companies from paying stamp duty while converting into limited liability partnerships (LLPs), a way of doing business that is favoured globally for its flexibility. The idea is to adopt a provision similar to Section 394 of the Companies Act, which allows high courts to waive off stamp duty while approving amalgamations and restructuring of companies involving transfer of assets, the official said, requesting anonymity

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