I have a digital copy of the PlayStation 4 version of Destiny: The Taken King: Legendary Edition.
Is it possible to transfer the taken king to my PlayStation 3?
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While console transfer has been an option, in the past, this has only been used to entice users to make the jump to the next generation. Console transfer back to an older generation as not supported.
A Bungie representative has confirmed that this is how Destiny works, in answering a similar forum post.
The digital upgrade program is a one-way digital upgrade from old-gen (PS3 - Xbox 360) to current-gen (PS4 - Xbox One).
In the same post, the Bungie representative links an FAQ, which has since been included to incorporate expansions, which should include The Taken King.
For our fans who will be entering the Destiny universe on PlayStation®3 or Xbox 360 we have some great news! For a limited time, whenever you buy the Expansion Pass, Expansion I, or Expansion II on PlayStation®3 or Xbox 360, you will be able to download the next-gen version within the same console family for FREE.
Please note: The Digital Upgrade Program only upgrades in one direction. If you purchase the Xbox 360 digital copy it will upgrade to Xbox One and the PS3 digital copy will upgrade to PS4, it will not work in reverse. We apologize for any confusion.
If you have not yet purchased Destiny: The Taken King: Legendary Edition, there is a limited time offer to purchase the PlayStation 3 version, and unlock the content for PlayStation 4. The FAQ also reports that you will use the same characters when playing within a console family.
Q. Will my Guardians, progress, stats, and gear carry over when I download and play the next-gen version? Yes. Whether you participate in this program or not, your Guardians, progress, stats, and gear are shared within a console family (PlayStation®3 <-> PlayStation®4 or Xbox 360 <-> Xbox One) and will be waiting for you when you transition to next-gen.