Section 2(47) articles

No transfer on mere registration of Agreement for Sale

Bombay High Court has held that the mere fact that an agreement for sale of property is registered does not make it a conveyance, if such agreements is conditional and possession is not transferred to purchaser....

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Posted Under: Income Tax |

Conversion of company into LLP – “Clear road” ahead?

Designed with the advantages of a flexible organisational structure, perpetual succession, limited liability and tax efficient distribution of profits to partners, Limited Liability Partnerships (LLPs) have become one of the most popular modes of doing business in India. With greater clarity in the government’s policy towards LLPs and e...

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Posted Under: Income Tax |

Family Arrangement

We see many big business houses run by second or third generation families with different ideologies or intending to diversify their businesses. Occasionally, it leads to separation of business and to family disputes. While most settle the issues amongst themselves, some families drag them to court....

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Posted Under: Income Tax |

Budget 2017: Conversion of preference shares to equity not to be treated as transfer

Under the existing provisions of the Act, conversion of security from one form to another is regarded as transfer for the purpose of levy of capital gains tax. However, tax neutrality to the conversion of bond or debenture of a company to share or debenture of that company is provided under the section 47. ...

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Posted Under: Income Tax |

Cost of capital asset transferred by demerged company to resulting company

Under clause (vib) of section 47 of the Income-tax Act any capital asset transferred by the demerged company to the resulting company in the scheme of demerger is not regarded as transfer if the resulting company is an Indian company. In such cases the cost of such asset in the hands of resulting company should be cost of such asset in th...

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Posted Under: Income Tax |

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June 2022