Capital gain on converted stock

This query is : Resolved

(Querist)
Follow

23 July 2024 A firm was owning a piece of land as capital asset which it converted into stock in trade in FY 2022-23 and then after diversion developed it and sold plots.in FY 2023-24. There are some plots in stock as well. A profit and loss account is drawn up for the business. Business income is duly audited and that will be filled up. The issue is how to report capital gain on converted capital assets into stock and then sold as pl;ots. Whether in the capital gain entry for each plot is to be made in the ITR or a consolidated entry for all plots sold may be made. Please guide.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

23 July 2024 Consolidated area sold.

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SUMAN SAHA

CA Rahul Patwardhan

T E SOUNDARARAJAN

Hanuma Yanduri

CA Bijo scaria

Subscribe Now

Capital gain on converted stock

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Article Assistant

GST CONSULTANCY

Accountant

Manager- Finance and Compliance

GST CONSULTANT