Capital gain nad business income
This query is : Resolved
12 November 2012
Dear Sir\Mam
Ass per the provisions of section 45(2) if a capital asset is converted into stock in trade by an assessee then fair market value of such asset on the date of conversion is considered to be the full value of consideration, for the purpose of capital gain computation.
In a practical case how is such fair value calculated??
For example if we take Land and building as an example. how will we calculate the fair value of such land and building on the date of conversion?
Kindly guide me through this problem
regards
Jayant Agarwal
Ass per the provisions of section 45(2) if a capital asset is converted into stock in trade by an assessee then fair market value of such asset on the date of conversion is considered to be the full value of consideration, for the purpose of capital gain computation.
In a practical case how is such fair value calculated??
For example if we take Land and building as an example. how will we calculate the fair value of such land and building on the date of conversion?
Kindly guide me through this problem
regards
Jayant Agarwal
12 November 2012
The valuation is being done by GAVs. (Government Approved Valuer)
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- ITR validation error - Balance sheet is not filled
- Bank Accounts in Balance Sheet for ITR 3
- ITR 1: Details for showing Exempt Income
- TDS ON CASH WITHDRAWALS...
- Article ship defecit
- Query regarding TDS on EPFO Higher Pension Arrears*
- Annual return of gst limit
- Post Office RD Interest
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
