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<h1>Conversion of unlisted company to LLP exempt from transfer when continuity of assets, ownership and profit sharing conditions are met.</h1> Conversion of an unlisted company to an LLP is not a transfer for capital gains if all assets and liabilities immediately before conversion become those of the LLP, all shareholders become partners with capital contribution and profit sharing in the same proportion as their shareholding, shareholders receive no consideration other than such contribution and profit share, the aggregate profit share of original shareholders remains at least fifty percent for five years, prescribed turnover and book asset limits are met, and no accumulated profits are paid out to partners for three years.