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Conversion of company into LLP - Section 47(xiiib)

Income Tax - Capital Gains - Certain transactions not regarded as Transfer - 25 - SEC - 47(xiiib): CONVERSION OF COMPANY INTO LIMITED LIABILITY PARTNERSHIP Any transfer of a capital asset or intangible asset by a private company or unlisted public company to a limited liability partnership or any transfer of a share or shares held in the company by a shareholder as a result of conversion of a company into a limited liability partnership in accordance with the provisions of section 56 or section .....

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reholding in the company on the date of conversion The shareholders of the company do not receive any consideration of benefits, directly or indirectly, in any form or manner, other than by way of share in profit and capital contribution in the LLP d) The aggregate of the profit sharing ratio of the shareholders of the company in the LLP shall not be less than fifty percent at any time during the period of five years from the date of conversion. The total sales, turnover or gross receipts in the .....

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