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transfer of property to pvt ltd company

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jerry (Querist)
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11 October 2010 I own a flat in joint name of myself & my wife.I wish to transfer this property to a pvt ltd company owned jointly by me & my wife. I want know as to what are the charges & taxes i will have to pay in this regard, and what is the best way to save tax in this matter, if any has to paid.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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26 October 2010 As per sec 47(xiv) transfer of a capital assets to a company in the case of conversion of proprietry concern in to company is exempted under the captal gain tax. So you open a propreitry concern and then convert it in to a company.

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