Conversion of proprietor ship into partnership firm
This query is : Resolved
Poonam Mirani
(Querist)
06 December 2013
Hi...want to know the procedure for converting a sole proprietorship into partnership.Can the assets of sole proprietor be converted into assets of the partnership firm including land, buildings, stock in trade etcWhat the formalities, any rules and regulations, what are tax obligations etc.
06 December 2013
for that u need to make a sale deed with the help of lawyer and for income tax you need to check sec 2(47),47 and 49 for applicability and for opting for exemption from capital gain on such conversion.
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