Conversion of capital assets into stock in trade
This query is : Resolved
11 September 2016
I had sold my land which is Inheritance property to builder for consideration in money Rs. 10 lakh & 5000 sqft construction area in my sold land project which is receivable in future date i.e.24 month .can i treated it is Conversion of Capital Assets into stock in trade?
12 September 2016
If you are not in the business of developer or engaged in construction, since the builder has taken as property it is stock in trade for him and not for you. In your case, it would be sale of capital asset.
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