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conversion into company

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(Querist)
08 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 ?
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Late CA Sampat Jain

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Late CA Sampat Jain (Expert)
22 September 2008 YES
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