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I have a plan to upgrade my 2008R2 Standard Edition to 2012R2 Standard Edition, and then virtualize them with Hyper-V 2012R2. Is it possible to upgrade from Windows Server 2008R2 Standard Edition to Windows Server 2012R2 Standard edition if I have SA (software insurance)? What would be my next steps for legal OS licensing for this environment? Can I use these licenses for virualizing environment (Hyper-V server)? I have seen that with SA you can migrate from 2008R2 Standard to 2012R2 standard, but I couldn't figure out can I transfer these licenses to new server? I read a lot about licensing rights, but I couldn't find the exact situation that would be of use for me.

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Software assurance give you the right to upgrade during software assurance life .

You don't have to transfer license but request new one. Its in your microsoft vlsc account.

http://www.microsoft.com/licensing/software-assurance/

be carefull with virtual licensing . microsoft say : 2012 r2 is 2 vitual + 1 physical

references : http://www.aidanfinn.com/?p=15477

YuKYuK
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