a proprietory concern is converted to a pvt ltd compnay. all the assets are transferred to company at NBV. is this transaction will be treated as transfer under capital gains?
3 Replies
chitra
(student)
(20 Points)
Replied 11 June 2008
I DO NOT REMEBER THE SECTION BUT TRANSER WILL NOT BE TREATED AS CAPITAL GAIN. FOR DETAILS READ EXCEPTIONS TO TRANSFER OR EMAIL GIVE ME UR EMAIL ID I WILL SOON SEND U DETAILS WITH SECTION & OR U CAN REFER v.k. sINGHANIA 'S REFERNCE BOOK FOR PCC cHAPTER cAPITAL gAIN
CHITRA
(Article Assitant)
(156 Points)
Replied 11 June 2008
I DO NOT REMEBER THE SECTION BUT TRANSER WILL NOT BE TREATED AS CAPITAL GAIN. FOR DETAILS READ EXCEPTIONS TO TRANSFER OR GIVE ME UR EMAIL ID I WILL SOON SEND U DETAILS WITH SECTION & OR U CAN REFER v.k. sINGHANIA 'S REFERNCE BOOK FOR PCC cHAPTER cAPITAL gAIN
manit kaur
(ca student)
(31 Points)
Replied 12 June 2008
conversion of proprietory concern into a company is exempt under section 47(xiv) but certain condition have to be satisfied.please check the conditions
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