Home proprietorship is converted to partnership then?

proprietorship is converted to partnership then?

649 viewsCompany Law
0

When proprietorship is converted to partnership, all assets changes ownership, does this gives rise to capital gains tax ? If yes is there way out ?

Answered question
Add a Comment
0

Interesting query.

In such cases, if the assets are recorded at its book value then no capital gain tax liability arises as
“the value recorded in the books of accounts by way of capital contribution shall be deemed to be the full value consideration”

Answered question
Add a Comment
Write your answer.

Question stats

  • Active
  • Views649 times
  • Answers1 answer

Categories

Search questions