06 November 2011
A SOLE PROP FIRM TAKE OVER BY PVT LTD COMPANY ON 01-04-2010 WITH 99% PROP SHARE RIGHTS AND SEC 2(47) SEC CMPLIED ON 31 MARCH 2010 BALANCE SHEET PROP TAKE OVER SOME IMMOVABLE PROPERTY FROM PROP FIRM ON 01-04-2010 BALANCE SHEET OF TAKEVER OF PROP FIRM BY COMPANY THERE IS NOT ANY IMMOVABLE PROPERTY BYT AO SAID IMMOVABLE PROPEETY TRF ON 31-03-2010 IS TRF AND CAPITAL GAIN WILL BE LEIVABLE
06 November 2011
The AO may be asked, to whom the property has been transferred and by whom it is transferred?
The point must be brought to his kind notice that as on 31.03.2010 , the conversion did not take place. The company has come into picture since 1.4.2010 only.
More ever, transfer of asset from prop firm to Prop. can not be treated as transfer.
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