Whether conversion of convertible preference shares into equity shares shall attract Capital Gains or any other tax if it is converted after 1 year ?
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Convertible Preference Shares
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Conversion of preference shares into equity shares is treated as transfer and is liable for capital gain tax as same is not covered in the provisions of Sec.47 of the I Tax Act, 1961.
As conversion of preference shares into equity amounts to their redemption thereof........and redemption of preference shares amounts to transfer within the meaning of SEc.2(47)....
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