banner_ad

capital asset converted into stock in trade

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
03 August 2010 if a construction company purchases a land for the purpose of construction of the residential unit on it,and upto the period scheme is put on it, the land is categorised as a fixed asset, and after putting the scheme on it,company is taking that land into the stock in trade....please let me know whether capital gain will be levied as the capital asset has been converted into stock in trade....

04 August 2010 Yes the capital Gain will be attracted if that stock has been sold

10 October 2021 The CG tax is to be paid in the year when the stock gets sold.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro

Similar Resolved Queries


loading


Unanswered Queries



CCI Pro
Meet our CAclubindia PRO Members

Follow us
add to google news



Answer Query



Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details