Conversion of proprietorship business into co.
This query is : Resolved
11 August 2013
What will be the Tax implication, accounting procedure in the hands of prop. and new co. if proprietorship business is converted into newly incorporated pvt. ltd co.
11 August 2013
Please refer clause (xiv) of Section 47. It is self explanatory.
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The Proprietor will transfer his all assets and liabilities at an agreed consideration to the Company and will get shares as a consideration.
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The Proprietor will transfer his all assets and liabilities at an agreed consideration to the Company and will get shares as a consideration.
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