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Constitution of partnership firm

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(Querist)
22 January 2015 I had a client having 8 propritorship business now he wants to constitute partnership firm.
please help me with accounting treatment of their individual credit sales / debtors / stock in trade if they transfer to partnership firm & any capital gain arise or not??
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
22 January 2015 close all the accounts and transfer it to firms account.
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CA Bhoomika Solanki

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CA Bhoomika Solanki (Querist)
22 January 2015 any capital gain liability??
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Amol S Joglekar

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Amol S Joglekar (Expert)
22 January 2015 Normally NO.

Check the Market Value of the fixed assets which you are transferring to FIRM. (Especially building or land etc.) Those will be governed as per section 45 of the Income Tax Act
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