Capital gain

clause xiii and xiv of section 47 says that there will be no capital gains on transfer of immovable property on conversion of properitorship concern/partnership concern into company if it satisfies certain conditions as laid out in those provisions, there is no specific exclusion from levy of capital gains on transfer of immovable property on conversion of properitorship concern into partnership firm or vice versa. Hence it will be regarded as transfer and capital gain levy will succeed.