Conversion of Partnership firm into private limited company.
This query is : Open
25 April 2025
I’m converting a partnership firm into a private limited company. The firm has capital of Rs. 2.5 Cr. After conversion, can the company be incorporated with authorised capital of Rs. 10 Lakhs and the remaining Rs. 2.4 Cr treated as an unsecured loan from the partners (who will be directors/shareholders)? Will this affect the exemption under Section 47(xiii) of the Income Tax Act?
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