Company law
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 April 2012
Fixed Assets are converted from proprietary concern to pvt ltd, than does it involve Capital Gain or wealth tax ?
CA Prashant Gupta
(Expert)
13 April 2012
simply conversion of business from proprietary to company does not means to transfer under income tax subject to proprietor hold more than 51% shares.
CA PRAVEEN SINGH
(Expert)
13 April 2012
MERELY CONVERSION IS NOT SALE.SO NO GAIN
NO TAX.NO COVERED IN THE DEFINITION OF TRANSFER.
NO TAX.NO COVERED IN THE DEFINITION OF TRANSFER.
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