Business conversion
prachi jain (105 Points)
27 December 2017
What are the tax implications for conversion of proprietorship to partnership?
3 Replies
prachi jain
(105 Points)
Replied 28 December 2017
I am in urgent need of this query..Can anybody please help out?
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 28 December 2017
Situation as given by you amount to “transfer” of capital Asset in accordance with provisions of section 2(47).
Section 47 specifies certain transactions of transfer not to be treated as “transfer” for the purpose of charging of capital gain tax.
Conversion of proprietorship into partnership is not covered under section 47. Therefore, conversion in your case liable to tax.
Recent Topics
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- Nznxnc call me at the end of the day of the
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
Related Threads
CAclubindia
