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Takeover of Company Assets
There is a proprietorship of a person, and he and his wife are director in a private limited company. Now he wants to wind up the company and transfer the assets of the private limited company to the proprietor business he holds. kindly advise what will be the procedure for the same and tax implications.
Replies (2)
1. It is not allowed to convert Company into Prop firm.
2. Company can sell the assets to Prop Firm.
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