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Firm succeeded by a company & Sole Proprietary concern succeeded by a company - Section 47(xiii) & 47(xiv)

Income Tax - Capital Gains - Certain transactions not regarded as Transfer - 24 - SEC - 47(xiii): FIRM SUCCEEDED BY A COMPANY Where a firm is succeeded by a company in the business carried on by it as a result of which the firm sells or otherwise transfers any capital asset or intangible assets to the company: Provided that - All the assets and liabilities of the firm relating to the business immediately before the succession become the assets and liabilities of the company. All the partners of .....

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e as such for a period of 5 years from the date of the succession. the demutualisation or corporatisation of a recognised stock exchange in India is acrried out in accordance with a scheme which is approved by SEBI u/s 3 of SEBI Act, 1992 SEC - 47(xiv): SOLE PROPRIETARY CONCERN SUCCEEDED BY A COMPANY Where a sole proprietary concern is succeeded by a company in the business carried on by it as a result of which the sole proprietary concern sells or otherwise transfers any capital asset or intang .....

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