Transfer of Capital Assets in case of Conversion of partnership firm into company - (New) Section 70(1)(zd) / (Old) Section 47(xiii)

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....ansfer Transferor Transferee  Capital Asset involved  What is the cost in the hands of transferee  70(1)(zd) Transfer of a capital asset or intangible asset by a firm to a company as a result of succession of the firm by a company in the business carried on by the firm Partnership Firm Company All assets and liabilities before conversio....

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....ny; and • (iv) the aggregate of the shareholding of the partners in the company is not less than 50% of the total voting power and such shareholding continues to not less than 50% for five years from the date of succession; Under Section 47 of the Income Tax Act, 1961 [ Upto 31.03.2026] Section Transaction not regarded as transfer Transferor  Transferee ....

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....p; • All the assets and liabilities of the firm or of the association of persons or body of individuals relating to the business immediately before the succession become the assets and liabilities of the company. • All the partners of the firm immediately before the succession become the shareholders of the company in the same proportion in which their capital accoun....