As we are know there are two methods of converting a Partnership firm into Pvt Limited company.
1) One is formation of Private Limited Company, which inturn acquires the partnership firm
2) Conversion of Partnership Firm as per provisions of Part IX, of the companies Act.
My question are
1) whether capital gain tax exempt in both the above cases or only in case 2
2) Whether minimum number of partners need to be 7 for converting partnership firm into private limited company under provisions of Part IX, of companies Act.
CAclubindia
