Urgent
This query is : Resolved
CA CS Baljit Kaur
(Querist)
08 January 2012
A proprietorship firm now want to carry its business under the name of a pvt limited company . It does not want to show closure of proprietorship firm but just want to strike of the name of firm and carry on the company's name........what will be its effect in Income tax?
CA PARAS BAFNA
(Expert)
09 January 2012
Without attracting capital gains tax provisions the Prop. Firm can be converted in Pvt Ltd Co. by following the provisions of Section 47(xiv).
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CA CS Baljit Kaur
(Querist)
09 January 2012
Thank you sir, can you suggest the legal formalities that we need to comply i.e is there requirement of any merging agreement?
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