Conversion of Preference shares into Equity shares

Dilip (Working) (408 Points)

01 March 2010  

Conversion of bonds into equity shares are not considered as transfer u/s 47.

so same way want to know whether convertible preference share are covered u/s 47 or not ?

is the shareholder has to pay tax at the time of conversion of pref shares, if there is a gain at conversion price...