TAX IMPLICATION U/S 46(2), Income Tax

[CA MUKESH JAIN]

On conversion of unlisted public company into LLP, the LLP in consideration of assets of company gives Share in capital of LLP to shareholders of company.

Is this transaction covered u/s 46(2)...? as share in LLP is not the asset received by shareholder from copmany on its liquidation

Or can we directly apply sec 48

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Posts / Replies

[MARIAPPAN GOVINDARAJAN]

In my view the transaction is covered under Section 46(2)