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Q. > Please Help: INCOME TAX
take over of business of partnership firm by company is chargeable to capital gain as per income tax
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Comments
DHARAM
05-Feb-2016 , 09:37:14 pmAs per section 47 (xiii)of income tax act, 1961 firm is succeeded by company is not amount to transfer hence no question of capital gain provided fulfillment of certain condition.
Rahul
10-Feb-2016 , 10:04:20 amIf the conversion is pursuant to fulfilling all conditions as laid down in Section 47(xiii) of the Income Tax act then the said conversion is exempt.