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Capital gain

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(Querist)
27 January 2013 Is there is any capital gain when the proprietorship converted in to partnership. Or any condition to be complied with? or any other tax effect?

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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
27 January 2013 In case any capital assets of the proprietor is transferred to the firm , the amount recorded in the books of firm in respect to the capital asset will be treated as Sales Consideration and accordingly capital gain, if there any, is required to be computed by the proprietor.
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On Transfer of current assets the arising profit is treated as Business Income.
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