1.All the assets and liabilities of the firm immediately before the conversion become the assets and liabilities of the LLP due to Automatic Transfer.
2.And as all movable and immovable properties of the firm automatically vest in the LLP. No instrument of transfer is required to be executed and hence no stamp duty is required to be paid.
3. Hence, No Capital Gains tax shall be charged on transfer of property due to conversion from firm to LLP.