Conversion of stock-in-trade into capital asset.

Jagdeep (Student CA Final - Article Assistant)   (48 Points)

03 August 2015  

Dear all,

My query is that, in case of a construction company( a partnership firm, actually), if a few ready flats are converted into capital assets and are then transferred or withdrawn y partners at a later date, then is there an incidence of capital gains tax?

I am grateful for your earlier replies.

Thanks and Regards