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TMI BlogIncome from certain transfers not to be treated as capital gainsX X X X Extracts X X X X X X X X Extracts X X X X ..... are capital of the subsidiary company, (ii) the subsidiary company is an Indian company; and (iii) the subsidiary company treats the asset as an investment asset; (e) transfer of any investment asset by a subsidiary company to the holding company, if— (i) the whole of the share capital of the subsidiary company is held by the holding company or its nominees, (ii) the holding company is an Indian company, and (iii) the holding company treats the asset as an investment asset; (f) transfer of any investment asset by a predecessor to a successor in a scheme under a business reorganisation if the successor is an Indian company; Income from certain transfers not to be treated as capital gains. (g) transfer of any investment asset, being shares he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imited liability partnership in accordance with the provisions of section 56 or section 57 of the Limited Liability Partnership Act, 2008, if— 6 of 2009. (i) all the assets and liabilities of the company immediately before the conversion become the assets and liabilities of the limited liability partnership; (ii) all the shareholders of the company immediately before the conversion become the partners of the limited liability partnership and their capital contribution and profit sharing ratio in the limited liability partnership are in the same proportion as their shareholding in the company on the date of conversion; (iii) the shareholders of the company do not receive any consideration or benefit, directly or indirectly, in any form or ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of demerger of the undertaking; (n) transfer of any investment asset by a sole proprietary concern to a company, if — (i) the sole proprietary concern is succeeded by the company in the business carried on by it; (ii) all the assets and liabilities of the said concern relating to the business immediately before the succession become the assets and liabilities of the company; (iii) the shareholding of the sole proprietor in the company is not less than fifty per cent. of the total voting power in the company and continues to remain the same for a period of five years from the date of succession; (iv) the sole proprietor does not receive any consideration or benefit, directly or indirectly, other than by way of allotment of shares in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tgage under a scheme notified by the Central Government; (w) transfer of any beneficial interest in a security by a depository. (2) The reference to the provisions of sections 391 to 394 (both inclusive) of the Companies Act, 1956 in cluase (74) of section 314 shall not apply in case of demergers referred to in clause (h) of sub-section (1). (3) The provisions of clause (u) of sub-section (1) shall be applicable in a case where the transfer is made during the period commencing from the financial year in which the said company has become a sick industrial company under sub-section (1) of section 17 of the Sick Industrial Companies (Special Provisions) Act, 1985 and ending with the financial year during which the entire net worth of such comp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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