Tax liability on converted firms to proprietorship
This query is : Resolved
NADA REEM NAAZ
(Querist)
10 February 2014
WE have a client who has a partnership firm. Now only one member exists and the same shall continue as proprietor from FY 2012-13.
How do i file the returns for such?
I can file in the PAN of the firm? Or the Individual?
In case i file in the PAN of firm, i cant claim exemption u.s 54F (Capital gains)
In case i file in the PAN of individual, i cant claim TDS deductions, as such deductions have been made on the firm's PAN.
Which ITR form shall be applicable now?
How do i file the returns for such?
I can file in the PAN of the firm? Or the Individual?
In case i file in the PAN of firm, i cant claim exemption u.s 54F (Capital gains)
In case i file in the PAN of individual, i cant claim TDS deductions, as such deductions have been made on the firm's PAN.
Which ITR form shall be applicable now?
CA PARAS BAFNA
(Expert)
11 February 2014
It is advisable to introduce a partner in the firm and to be continued till it is formally dissolved to take the benefit of TDS.
.
As regards 54F, particulars about the capital assets transferred and corresponding property investment details are required.
.
.
As regards 54F, particulars about the capital assets transferred and corresponding property investment details are required.
.
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