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query in income tax section 43 (6 ) related to conversion
hello . Members . as per amended provisions prescribed by finance act 10 . Conversion of unlisted company to l. l .p is exempt transfer.The value of asset transferred to l .l .p shall be wdv on date on transfer. v.g sir takes the cost to unlisted company as the value of asset to be included in L . L . P block of assets whereas singhania sir view says the cost after reduction of proportionate depreciation will be added to block of succeeding L . L . P . Which view is more widely accepted. Please reply soon Thanks in advance .
Replies (1)
the first one(as per section 49 the cost shall be the cost of acquisition to the previous owner as the previous owner is the company in your case then the cost of acquisition to the company shall be the cost of acquisition for the purpose of section 49.
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