We want to convert our stock (properties) into investment in property as on 31.03.2018.
How to report it in ITR & form 3CD (TAX AUDIT) as we can't record it as sale of stock. But in case we make the stock zero with out recording any sale it may be an objection by department that how can your closing stock be zero with any sale.
Where can we report this in Income tax return & Trading & Profit and loss A/c so that no objection will be created.
Kindly revert back.
if you convert stock into capitalasset then the difference between the fair market value and the value at which it is recorded will be treated as capiatal gain
CAclubindia
