Monday, December 3, 2018

No capital gain tax on conversion of Co. into LLP if assets/liabilities were transferred at book value

IT : Where upon conversion of a private limited company into assessee-LLP entire undertaking of the erstwhile company got vested into the LLP, no separate cost other than the 'book value' were attributable to the individual assets and liabilities, hence such 'book value' could only be regarded as 'full value of consideration' for purpose of computation of capital gain under section 48

from www.taxmann.com Latest Case Laws https://ift.tt/2KRqaBW
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