While Converting Propritership into partnership firm is Propriter liable to act as a partner in that partnership firm??
CA Ravish Trivedi
(The Possibilities are Infinite...)
(772 Points)
Replied 28 September 2008
Yes Properitor is liable to be partner in partnership otherwise it will be treated as transfer and capital gain or loss will be further applicable.
Further if properitor will not be in partnership than brought forward loss or unabsorbed loss will not be carried forward for that business.
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