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vishal (Querist)
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27 September 2008 Can anyone help me on how many shares of rs 10 each can i allot myself if i plan to convert my existing proprietary firm to company . my company has been valued to 3 crores. so can i allot myself 30 lac shares of 10 each ?? Will I have to pay any income tax when i convert the same ?

PIYUSH JAIN

PIYUSH JAIN (Expert)
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27 September 2008 Dear Vishal,
As you are talking about PVT LTD CO. you cannot allot whole shares to yourself because there must be atleast two shareholders.
You are not required to pay any tax at the time of Conversion.
Piyush Jain

PIYUSH JAIN

PIYUSH JAIN (Expert)
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27 September 2008 Vishal,
You are also required to take DIN no and apply for Digital Signature.
Minimum two Directors and two shareholders should be there.

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