Capital gain issue
This query is : Resolved
29 August 2014
If we converts capital assets into stock in trade then the Sec 45(2)of IT Act applies but my question is that if we convert stock into fixed assets then what implications will arise.
29 August 2014
1. Such conversion is not covered by Income Tax Act and accordingly there is no tax implication in this case.
2. Assessee can claim depreciation on such converted fixed assets
3. Sale of such fixed asset will attract capital gain
2. Assessee can claim depreciation on such converted fixed assets
3. Sale of such fixed asset will attract capital gain
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