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Capital asset

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(Querist)
16 March 2009 Suppose if a land held as stock in trade was subsequently sold as capital asset. Then please let me know the tax implication of the same. Thank you...
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M KRISHNAKUMAR

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M KRISHNAKUMAR (Expert)
17 March 2009 Fmv at the time of conversion - purchase cost will be treated as business income.
upon sale of land sale value - fmv upon conversion will be capital gains. tax on both income shall be paid only when the land is sold
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