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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Section 46(2): Tax Implications on Converting Unlisted Public Company to LLP, Shares Not from Liquidation Included A query was raised about the tax implications under Section 46(2) concerning the conversion of an unlisted public company into a Limited Liability Partnership (LLP). The question focused on whether shares in the LLP, given to company shareholders in exchange for company assets, fall under Section 46(2) since these shares are not received upon company liquidation. The response provided by a participant suggested that this transaction is indeed covered under Section 46(2). (AI Summary)
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