Conversion of cap asset to stock in trade and exemptions
This query is : Resolved
02 April 2012
Assessee has been inherited a property(Being piece of land) in turn assessee has converted the said asset into stock-in-trade & assessee is into the business of property development.
Can the assessee entitle for the exemption u/s 54F or any other sections on the capital gain arises out of such conversion?
Assessee has been constructing a house for his own in the mean time and does not have any the house property apart from the new one.
Can the assessee entitle for the exemption u/s 54F or any other sections on the capital gain arises out of such conversion?
Assessee has been constructing a house for his own in the mean time and does not have any the house property apart from the new one.
02 April 2012
Yes, the assessee can claim deduction u/s 54F. (assumed that assessee is an individual or HUF)
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