Conversion of partnership into proprietorship
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 August 2011
My client want to dissolved his partnership bus and want to run as it is in proprietorship firm, there are some immovable assests out of which one is in the name of firm and another is in the name of partner, is there any capital gain liability on immovable property transfer while dissolving his firm
20 August 2011
Yes,
This is transfer U/s 45(4).
Fair market value of assets will be taken as sales consideration for the firm.
This is transfer U/s 45(4).
Fair market value of assets will be taken as sales consideration for the firm.
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