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What are the tax implications for conversion of proprietorship to partnership?
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I am in urgent need of this query..Can anybody please help out?
Situation as given by you amount to “transfer” of capital Asset in accordance with provisions of section 2(47).
Section 47 specifies certain transactions of transfer not to be treated as “transfer” for the purpose of charging of capital gain tax.
Conversion of proprietorship into partnership is not covered under section 47. Therefore, conversion in your case liable to tax.
Will there be any implications under GST also?
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