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formation of company

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(Querist)
10 June 2008 a proprietory firm is converted into a private limited company and all the assets were transferred to the company at the book value. will it be considered as transfer for the purpose of capital gains?
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AMIT DOSHI

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AMIT DOSHI (Expert)
12 June 2008 no subject to fulfilment of certains conditions laid down in sec 47..

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