https://www.taxtmi.com/article/detailed?id=5844 Conversion of a private or unlisted public company into an LLP is treated as not constituting a transfer for capital gains under Section 47(xiiib) if six statutory conditions are met: vesting of all assets and liabilities in the LLP; shareholders becoming partners with proportionate capital and profit shares; no other consideration to shareholders; maintenance of an aggregate minimum profit sharing for a specified period; prescribed turnover limits in preceding years; and prohibition on distribution from accumulated profits for a specified period. Failure to comply, including subsequent breaches of time linked conditions, triggers chargeability of previously exempted gains under Section 47A. en-us Thu, 25 Sep 2014 09:10:51 +0530 Thu, 25 Sep 2014 09:10:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5844 Conversion of a private or unlisted public company into an LLP is treated as not constituting a transfer for capital gains under Section 47(xiiib) if six statutory conditions are met: vesting of all assets and liabilities in the LLP; shareholders becoming partners with proportionate capital and profit shares; no other consideration to shareholders; maintenance of an aggregate minimum profit sharing for a specified period; prescribed turnover limits in preceding years; and prohibition on distribution from accumulated profits for a specified period. Failure to comply, including subsequent breaches of time linked conditions, triggers chargeability of previously exempted gains under Section 47A. Articles Income Tax Thu, 25 Sep 2014 09:10:51 +0530 https://www.taxtmi.com/article/detailed?id=5844