India - Income Tax Act 2010 - Saarc

S. 47 I.T. ACT, 1961 1.310(d) the aggregate of the shareholding in the company of the partnersof the firm is not less than fifty per cent of the total voting powerin the company and their shareholding continues to be as such fora period of five years from the date of the succession;3[(e) the 4 [demutualisation or] corporatisation of a recognised stockexchange in India is carried out in accordance with a scheme for4[demutualisation or] corporatisation which is approved by theSecurities and Exchange Board of India established under section3 of the Securities and Exchange Board of India Act, 1992 (15of 1992);]4[(xiiia) any transfer of a capital asset being a membership right held by amember of a recognised stock exchange in India for acquisition ofshares and trading or clearing rights acquired by such member in thatrecognised stock exchange in accordance with a scheme fordemutualisation or corporatisation which is approved by theSecurities and Exchange Board of India established under section 3of the Securities and Exchange Board of India Act, 1992 (15 of1992);]The following clause (xiiib) shall be inserted after clause (xiiia) ofsection 47 by the Finance Act, 2010, w.e.f. 1-4-2011 :(xiiib) any transfer of a capital asset or intangible asset by a private companyor unlisted public company (hereafter in this clause referred to as thecompany) to a limited liability partnership or any transfer of a shareor shares held in the company by a shareholder as a result ofconversion of the company into a limited liability partnership inaccordance with the provisions of section 56 or section 57 of theLimited Liability Partnership Act, 2008 (6 of 2009):Provided that—(a) all the assets and liabilities of the company immediately before theconversion become the assets and liabilities of the limited liabilitypartnership;(b) all the shareholders of the company immediately before theconversion become the partners of the limited liability partnershipand their capital contribution and profit sharing ratio in thelimited liability partnership are in the same proportion as theirshareholding in the company on the date of conversion;(c) the shareholders of the company do not receive any considerationor benefit, directly or indirectly, in any form or manner, other thanby way of share in profit and capital contribution in the limitedliability partnership;3. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.4. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.