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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 tra .....

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the firm immediately before the succession become the shareholders of the company in the same proportion in which their capital accounts stood in the books of the firm on the date of succession The partners of the firm do not receive any consideratio .....

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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(xi .....

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ible assets to the company: Provided that - All the assets and liabilities of the sole proprietary concern relating to the business immediately before the succession become the assets and liabilities of the company. The sole proprietor do not receive .....

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