Dear Members,
If an old proprietorship business of a senior citizen wants to get converted itself into a Pvt Ltd Co with his son as another shareholder, what will be the tax implications of the same?
Will the same be treated as a taxable capital gains u/s 47?
Kindly reply.
Thanks in Advance
No capital Gain Attract on this transaction
The same transaction is not transfer as per section 47 of income tax act if the given condition is satisfied....!!!!
SKAA & Associates
New Delhi
CA Inter
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A R JADHAV AND ASSOCIATES
Mumbai
CA Inter
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CAclubindia
