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of <h1>Section 47(xiv) exempts capital gains tax on converting a sole proprietorship to a company under specific conditions.</h1> Section 47(xiv) of the Income Tax Act addresses the conversion of a sole proprietorship into a company, specifying that such a transaction is not regarded as a transfer for capital gains purposes. For this provision to apply, all assets and liabilities of the sole proprietorship must become those of the company. The sole proprietor must hold at least 50% of the company's voting power for five years post-conversion and should not receive any consideration other than shares in the company. The cost of the assets for the company is the same as it was for the sole proprietorship.
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