Income tax

Hiii,, please help me at the earliest on this issue:

Any transfer of capital asset on conversion of company into LLP shall not be rearded as transfer ,provided tho conditions of sec 47(xiib) are satisfied.

In the hands of LLP whether the period of holding  of asset by the previous company would also be considered?? 

Yes..

Regards

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But in Vinod singhania it is wrritten that the period for which the capital was held by previous company shall not be considered and in VG sir book it is wrritten what you have said ..kindly clarify 

Dear Saket,

The period of holding by the previous owner shall be included. Pls refer the relevant sections below in that order, you will frame the interpretation urself.!!

- Clause (b) to the Explanation-1  to Sec.2(42A).

- Sub-clause (e) of clause (iii) of Sec.49(1).

- Clause (xiiib) of Sec.47.

A combined reading will tell you that the said period will be covered.

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- Ashish

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