We have converted a Pvt Ltd to LLP. The vested immovable property of the pvt ltd company need to be transferred in the name of the LLP. What is the status under the Stamp act for such transfer , is stamp duty payable?
As per LLP act 2008, Section 58(4)(b) provides that on conversion of a company into LLP, “all tangible (movable or immovable) and intangible property vested in the partnership firm or the company, as the case may be, all assets, interests, rights, privileges, liabilities, obligations relating to the partnership firm or the company, as the case may be, and the whole of the undertaking of the firm or the company, as the case may be, shall be transferred to and shall vest in the limited liability partnership without further assurance, act or deed.”
What is the status under the Stamp Act? Can any rule of the stamp act be cited to corroborate the above?
