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

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We provide compliance and advisory services for company law matters, Securities and Exchange Board of India matters, and other corporate laws (including representation before the Registrar of Companies and other authorities), and various types of commercial and legal documentation.

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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”

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