a proprietorship is converted into partnership & proprietor is also partner in firm, his share is 50%. I want to know tax treatment under income tax. whether this will fall under slump sale as per section 50B or not.
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Tax treatment
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DEAR FRIEND,
ASSESEE CAN NOT LIABLE UNDER SEC. 50B. BUT NO ANY LIABLITY ARISE BUT IF PROPRIETOR TRASFER PERSONAL ASSET TO PARNERSHIP FIRM THAN ASEESEE IS INCOME CHARGEABLE UNDER HEAD OF CAPITAL GAIN.
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