Conversion of asset into sock in trade
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 September 2012
kindly tell me about "conversion of asset into sock in trade" briefly and its tax treatment.
10 September 2012
Conversion of capital asset into stock in trade is a transfer u/s 45(1).Therefore capital gain arises on such transfer.period of holding should be taken from the date of purchase of asset,upto the date of conversion into stock.
But capital gain tax becomes payble in the year in which such stock is sold.
But capital gain tax becomes payble in the year in which such stock is sold.
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