The taxability is not based on the turnover of the company.
Kindly refer to clause (xiiib) under Section 47 of the Income Tax Act, 1961
Querist :
Anonymous
Querist :
Anonymous
(Querist)
06 October 2013
if co having more than 60 lacs turnover is converted to LLP then capital gain is not exempt but if assets are transfered at book value how capital will be calculated.
Vali Pattabhirama Rao vs. Shri Ramanuja Ginning & Rice Factory (P) Ltd. (1986) 60 Company Cases 568 (AP) where it was held that had held that there is no transfer under General Law and no separate conveyance necessary. Section 5 of Transfer of Property Act not applicable.