a proprietory concern is converted to a pvt ltd compnay. all the assets are transferred to company at NBV. is this transaction will be treated as transfer under capital gains?
shaikh irshad (practice) (69 Points)
11 June 2008a proprietory concern is converted to a pvt ltd compnay. all the assets are transferred to company at NBV. is this transaction will be treated as transfer under capital gains?
chitra
(student)
(20 Points)
Replied 11 June 2008
I DO NOT REMEBER THE SECTION BUT TRANSER WILL NOT BE TREATED AS CAPITAL GAIN. FOR DETAILS READ EXCEPTIONS TO TRANSFER OR EMAIL GIVE ME UR EMAIL ID I WILL SOON SEND U DETAILS WITH SECTION & OR U CAN REFER v.k. sINGHANIA 'S REFERNCE BOOK FOR PCC cHAPTER cAPITAL gAIN
CHITRA
(Article Assitant)
(156 Points)
Replied 11 June 2008
I DO NOT REMEBER THE SECTION BUT TRANSER WILL NOT BE TREATED AS CAPITAL GAIN. FOR DETAILS READ EXCEPTIONS TO TRANSFER OR GIVE ME UR EMAIL ID I WILL SOON SEND U DETAILS WITH SECTION & OR U CAN REFER v.k. sINGHANIA 'S REFERNCE BOOK FOR PCC cHAPTER cAPITAL gAIN
manit kaur
(ca student)
(31 Points)
Replied 12 June 2008
conversion of proprietory concern into a company is exempt under section 47(xiv) but certain condition have to be satisfied.please check the conditions
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