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Conversion of proprietorship of two different to a company

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(Querist)
02 January 2014 conversion of proprietorship of two different individuals to a company.
the issue here is both the individuals took term loans in their individual capacity.
how can it be converted into a company?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
02 January 2014 well yes it can be. the banks can transfer the loans to individual to the company. But you need to ensure that both the proprietors hold atleast 50% ( in this case both should hold 50%) to comply with income tax act section 47(xiv).
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