Conversion of Partnership Firm to Proprietorship Firm
This query is : Resolved
12 March 2008
Dear Sirs,
I would like to know the procedure of converting Partnership firm to a proprietorship firm.
What will be the consequence as per Income Tax Act?
Will there be any capital gain?
I would like to know the procedure of converting Partnership firm to a proprietorship firm.
What will be the consequence as per Income Tax Act?
Will there be any capital gain?
12 March 2008
It wd be a disollution of the partnership firm. Preoritorship firm is taxed as indivuduals. The rate of taxes shall be changed from a firm to individual capacity and of course capital gain would also arise on settlement of partners capital.
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