conversion from firm to company
This query is : Resolved
12 December 2008
what will be tax implications on conversion from firm to company?
12 December 2008
Conversion of firm into Company is governed by Section 47 (xiii) - In this case all the assets of firm will be transferred to Company. There are 5 conditions mentioned under this section and if these conditions are met then there will be not capital gain on the conversion of firm into company. Please see section 47(xiii) for details of conditions to be met.
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