Transactions not regarded as Transfer under section 47 of Income tax act 1962

According to section 47 and In order to introduce the taxation on conversion of private company or unlisted company into LLP a new clause (xiiib) was inserted in IT act 1962. According to section 47(xiib) conversion of private limited company and unlisted company is not taxable. 

(A) Distribution of capital Assets on partition of a HUF/gift/will/irrevocable trust.

(B) Transfer of capital assets by a company to its 100% Indian subsidiary company or vice versa. 

(C) Transfer of capital assets by the amalgamating/Demerged company to the Indian amalgamated/ resulting company. 

(D) Transfer of shares held in an Indian company, by the amalgamating foreign company to the amalgamated foreign company, if at least 25% of the shareholders of the amalgamating foreign company continue to remain shareholder of the amalgamated foreign company, and such transfer does not attract tax on capital gain in the country, in which the amalgamating company is Incorporated.(Same in the case of demerger, only the limit of 25% will be replaced with 3/4th  in the value of share of the demerged foreign company.) 

(E) Any transfer, in a scheme of amalgamation, of a capital assets, being a share of a foreign company, referred to in the Explanation 5 to Section 9(1)(i), which derives, directly or indirectly, its value substantially from the share of shares of an Indian company, held by the amalgamating foreign company to the amalgamated foreign company, if-

(i) At least 25 % of the shareholder of amalgamating foreign company continue to remain shareholder of the amalgamated foreign company and. 
(ii) Such transfer does not attract tax on capital gain in the country in which amalgamating company is Incorporated.

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(F) Transfer of a Capital Asset by the predecessor Cooperative Bank to the successor cooperative bank.

(G) Transfer of shares held by the shareholder in predecessor Cooperative Bank if the transfer is made in consideration of the allotment to him of share in the successor Cooperative Bank.

(H) Any transfer in demerger, of a capital assets, being a share of a foreign company, referred to in explanation 5 to Section 9(1)(i), which drive, directly or indirectly, its values of substantially from the share or shares of an Indian company, held by the damaged foreign company to the resulting foreign company, if-

(i) The shareholders, holding not less than 3/4 in value of the share of the foreign company, continue to remain shareholder of the resulting foreign Company and 

(ii) Such transfer does not attract tax on capital gain in the country in which demerged foreign company is incorporated. 

However, the provision of section 391 to section 394 of the Companies Act, 1956 shall not apply in case of demerger referred to in this clause.

(I) Transfer/issue of shares by the resulting company to the shareholder of the demerged domestic company, if the transfer or issue is made in consideration of demerger of the undertaking. 

(J) Transferred by the shareholder of share held by him in the amalgamating company, if the transfer is made in consideration of the allotment to him of any share in the amalgamated company except where the shareholder itself is the amalgamated company and amalgamated company is an Indian company.

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(K) Any transfer of Capital Asset, being a Government Security carrying a periodic payment of interest, made outside India through an intermediary dealing in settlement of securities, by a non resident to another non-resident. 

(L) Any transfer of Sovereign Gold Bond issued by the Reserve Bank of India under the Sovereign Gold Bond scheme, 2015, by way of redemption, by an assesses being an individual. 

(M) Conversion of bond or debenture, debenture stock or deposit certificate of a company into shares or debentures of that company. 

(N) Conversion of firm or sole proprietary concern into Company / Private Limited or unlimited company into LLP only if a specified condition are compiled. In case of conversion of private limited  or unlisted company into LLP the total value of the assets as appearing in the books of account of the company in the 3 previous years preceding the previous year in which the conversion take place does not exceed 5 crore.

(O) Conversion of bond or debentures, debenture stock of deposit certificate of a company into share or debenture of that company.

(P) Conversion of firm or sole propitiatory concern into company / private limited or unlisted company into LLP only if specified conditions are complied.

(Q) Transaction by way of reverse mortgage.

(R) Any transfer of Capital Asset, being share of a special purpose vehicle to a business trust in exchange of units allotted by that trust to the transferor.

(S) Any transfer by a unit holder of a capital assets, being a unit or units, held by him in the consolidating scheme of a mutual fund, made in consideration of the allotment to him of capital assets, being a unit or units, in the consolidated scheme of the mutual fund.

(T) However, the consideration is of two or more schemes of equity oriented fund or of two or more schemes of a fund other than equity oriented fund.

(T) Any transfer by a unit holder of a capital assets, being a unit or units, held by him in the consolidating plan of the mutual fund scheme, made in consideration of the allotment to him of a capital assets, being a unit or units, in the consolidated plan of that scheme of mutual fund.

(U) Any transfer, made outside India, of a capital assets being rupee denominated bond of an Indian company issued outside India, by a non resident to another non resident.

(V) Any transfer by way of conversion of preference shares of a company into equity share of that company.

Transactions not regarded as Transfer under section 47 of Income tax act 1962 Transactions not regarded as Transfer under section 47 of Income tax act 1962 Reviewed by Unknown on November 23, 2018 Rating: 5

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