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Conversion of proprietorship business into co.

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(Querist)
11 August 2013 What will be the Tax implication, accounting procedure in the hands of prop. and new co. if proprietorship business is converted into newly incorporated pvt. ltd co.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
11 August 2013 Please refer clause (xiv) of Section 47. It is self explanatory.
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The Proprietor will transfer his all assets and liabilities at an agreed consideration to the Company and will get shares as a consideration.
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