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of <h1>Finance Bill 2010 amends Income-tax Act: Section 47 excludes asset transfer to LLP during conversion from capital gains tax.</h1> Clause 18 of the Finance Bill, 2010 amends section 47 of the Income-tax Act to include a new clause (xiiib), effective from April 1, 2011. This clause specifies that the transfer of a capital or intangible asset by a private or unlisted public company to a limited liability partnership (LLP) during conversion is not considered a transfer under section 45. Conditions for this exemption include the transfer of all assets and liabilities to the LLP, shareholders becoming LLP partners with equivalent capital and profit sharing ratios, and restrictions on financial transactions post-conversion. The company's prior sales must not exceed sixty lakh rupees, and no profit distribution is allowed for three years post-conversion.
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