Capital gains
This query is : Resolved
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.
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.
Message likes :
1 times
Amol S Joglekar
(Expert)
20 December 2016
mere conversion of character of land per se does not involve any TRANSFER
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Tax on Amount transferred in HUF Account
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
