Conversion of partnership firm into sole proprietorship
This query is : Resolved
30 July 2011
A PARTNERSHIP FIRM HAVING TWO PARTNERS WANT TO CONVERT THIER PARTNERSHIP FIRM INTO SOLE PROPRIETORSHIP BY RETIRING ONE PARTNER. HOW AND WHAT IS THE PROCEDURE IN INCOME TAX AND FOR VAT. WILL CAPITAL GAIN ATTRACT FOR THE SAME
30 July 2011
INCOME TAX
In my view, you have to dissolve the partnership first and transfer the assets to the new proprietor which may attract capital gains.
Please wait for more views on the same.
VAT
In VAT, you simply have to take new registration of VAT. This can be obtained in the old name also. and it will have no relation with the old business.
In my view, you have to dissolve the partnership first and transfer the assets to the new proprietor which may attract capital gains.
Please wait for more views on the same.
VAT
In VAT, you simply have to take new registration of VAT. This can be obtained in the old name also. and it will have no relation with the old business.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- Average Cost Of High Quality Diamonds
- ITR-3 File/Error Found
- Due Date Clarity
- Accounting with Claude
- Banking Related Issue
- Taxability of credit in canara bank ET & T section (NRO)
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
