Capital gain on conversion of proprietor in to partnership
This query is : Resolved
18 April 2016
Dear my professionals colleagues,
One of my client wants to convert his proprietorship business in to partnership. total partners in the firm are 2. profit share is equal. my query is weather capital gain tax is applicable to the proprietor ?
the proprietor is also one of the partner in the new firm. also guide me stamp duty to be paid ?
One of my client wants to convert his proprietorship business in to partnership. total partners in the firm are 2. profit share is equal. my query is weather capital gain tax is applicable to the proprietor ?
the proprietor is also one of the partner in the new firm. also guide me stamp duty to be paid ?
19 April 2016
Transfer of capital assets from sole proprietor to partnership is taxable u/s 45(3).
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