Conversion of partnership firm into a private limited compan

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Akash Kumar (Querist)
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07 July 2012 Is there any way to convert a partnership firm into a private limited company and that to without attracting capital gain tax and where the number of partners in the firm is two

Ca Anand Dubey

Ca Anand Dubey (Expert)
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07 July 2012 no, you must have atleast 7 partners

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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19 July 2012 Under Chapter 9 you can convert the Partnership into a Pvt. Ltd. Company but for that you must have minimum 7 Partners to save the Income Tax. Or you can form a Pvt. Ltd. Company and the assets of the Partnership firm can be transferred as slum sale.