My clients is running his business as proprietary firm. Now he is going to form new Pvt Ltd company. After forming company he will purchase all assets and liabilities of the proprietary firm. Is there any capital gain arising in this case.Â
Please guide.
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query ralated to capital gain tax on putchase of business of proprietorship by newly Incorporated company
Replies (2)
If company purchase assets and liability then yess capital gain raise
In then hand of properioter but if conversion take place form properioter to company then no capital gain u/s47 so my advice rather purchase and sale it is best option to conversion it save tax
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