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Cost of acquisition to be considered
Is there any case law regarding the cost of acquisition to be considered in case of selling of shares by partnef in case of converted company
Replies (1)
If your conversion meets all the criteria under Section 47(xiii), the COA of the shares is the cost of the asset to the partner in the firm. If the conditions are violated, the transaction is treated as a taxable transfer, and the cost of acquisition would be determined based on the fair market value of the consideration at the time of the conversion.
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