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partnership change to propriter

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 October 2010 what would be the tax treatment if partnership convert into propritership.all asset were taken to WDV of immediate previous year.is it transfer?
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SAMEER

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SAMEER (Expert)
05 October 2010 it would amount to dissolution of firm. Please refer to IT Act section 45 it would be transfer to individual and CG will arise

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