Conversion of firm to pvt ltd co. without capital gains?

CA girl (Article Trainee-CA Final)   (1942 Points)

17 October 2014  

What is the procedure to convert a partnership firm into a private limited company without dissolving the partnership firm so that the conversion does not attract capital gains tax?  

The Firm has only three partners so it is not possible to register it as an Part IX company under the erstwile companies act/ XXI Company under the companies act 2013.