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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 co .....

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57 the Limited Liability Partnership Act, 2008 shall not be regarded as transfer, therefore no capital gain shall arise on it. PROVIDED THAT: All the assets and liabilities of the company immediately before the conversion become the assets and liabil .....

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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 .....

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business of the company in any three previous years preceding the previous year in which the conversion takes place does not exceed sixty lakh rupees (ea). the total value of the assets as appearing in the books of account of the company in any of t .....

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