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)
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