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Change in Constitution of Firm

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(Querist)
12 March 2009 what r the procedures/circumstances when partnership firm can be converted in to sole propreitorship firm. Is there any tax liability on firm on such conversion
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
12 March 2009 1. On the dissolution of Partnership firm by mutual consent.
2. Death of a Partner and the number of partners are two.

After conversion, firm's income will be taxable in the hands of prop.

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