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of <h1>Finance Act 2010 amends Section 47: Tax Exemption for Company to LLP Conversion with Specific Conditions</h1> Section 47 of the Income-tax Act was amended by the Finance Act, 2010, effective April 1, 2011, to include clause (xiiib). This clause exempts from tax any transfer of capital or intangible assets by a private or unlisted public company to a limited liability partnership (LLP) during its conversion under the Limited Liability Partnership Act, 2008. Conditions for this exemption include: all company assets and liabilities becoming those of the LLP, all shareholders becoming LLP partners with equivalent capital and profit sharing, no other consideration to shareholders, a minimum 50% profit sharing ratio maintained for five years, sales not exceeding sixty lakh rupees in the prior three years, and no distribution of accumulated profits for three years post-conversion.
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