Direct Tax questions

Tax queries 446 views 2 replies

Guest

Thanks a lot:-)

Section 119:

To quote
powers of CBDT

If it (Board) considers desirable or expedient to avoid genuine hardship... may by GENERAL or SPECIAL order...

How is general and special order different?

2. taxation of capital assets

How are transfer of capital assets taxed in case of

1. Company to llp(and if its permitted, dont think its permitted)?

2. firm to llp( this does not seem to be covered under section 47. is there any other provision)?

Replies (2)

Tarun

76 Points Joined February 2009

Hello... Conversion of small private cos and unlisted cos into LLPs to be exempt from capital gains tax sub to fulfillment of certain conditions (refer sec 47 (xiiib) recent amendments. Regards

Guest

Hi Tarun.. the amendment covers only company to LLP

My question is regarding LLP to company, which i am yet to find if its permissible and more importantly Firm to LLP..

Thanks though

(xiiib) any transfer of a capital asset or intangible asset by a private company or unlisted public company (hereafter in this clause referred to as the company) to a limited liability partnership or any transfer of a share or shares held in the company by a shareholder as a result of conversion of the company into a limited liability partnership in accordance with the provisions of section 56 or section 57 of the Limited Liability Partnership Act, 2008 (6 of 2009):