capital asset converted into stock in trade
This query is : Resolved
Querist : Anonymous
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....
Gayathri Devi
(Expert)
04 August 2010
Yes the capital Gain will be attracted if that stock has been sold
Message likes :
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Dhirajlal Rambhia
(Expert)
10 October 2021
The CG tax is to be paid in the year when the stock gets sold.
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