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Conversion of Partnership Firm to Proprietorship Firm

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(Querist)
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?
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Shashi Mohan Jha

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Shashi Mohan Jha (Expert)
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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