If capital is withdrawn by proprietor from is proprietorship firm and transferred to his personal capital than will it have any tax implications? Also such amount withdrawn from Proprietorship firm to personal capital needs any disclosure in ITR 3?
Personal capital herein refers to capital shown in personal balance sheet and not in proprietorship firm's balance sheet.
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Transfers between proprietorship firm and proprietor
Replies (1)
The amount withdrawn from proprietorship firm will be treated as drawings.
In case of any further queries, kindly mail me at casoravgupta @ gmail.com
Thanks & Regards
ACA. Sorav Gupta
(Practicing Chartered Accountant)
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