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Capital gains

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(Querist)
20 December 2016 . IF A PARTNERSHIP FIRM,WHICH IS DOING BUSINESS OF LAND DEVELOPMENTS APPLIES FOR CONVERSION OF LAND (WHICH IS IN FIXED ASSETS; NOT AS A CLOSING STOCK) INTO RESIDENTIAL ZONE; WHETHER CAPITAL GAINS IS LEVIABLE OR NOT. IF YES, WHETHER IT IS APPLICABLE AT THE TIME OF APPLICATION FOR CONVERSION OR AT THE TIME OF SANCTION BY THE AUTHORITIES.
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Kaushik Joshi

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Kaushik Joshi (Expert)
20 December 2016 Dear Ashwini, For a firm whose business is land development the existing fixed asset land shall have to be converted to stock. Then construct residential premises. date of conversion of fixed asset to stock shall be the date of captain gain I.e. at time of application of conversion. however capital gain shall be paid as and when the stock is sold.
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Amol S Joglekar

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Amol S Joglekar (Expert)
20 December 2016 mere conversion of character of land per se does not involve any TRANSFER
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