under section 47(xiii) if a firm is converted into a company it is not regarded as transfer provided the conditions are satisfied. suppose if A B C 3 partners convert the frim into company, to avail exemption they should hold 50% voting rights or more jointly. if the shares are transfered to B from C, will they still be eligible for the exemption?
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Sec 47(xiii)
Replies (1)
yes they can still avail the exemption
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