Convertion of stock in trade into capital asseets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 June 2013
Please suggest the tax applicability on transfer of stock in trade (Shares) into capital assets (i.e long term Investment) in current year and tax applicability in the year of sale of such investment.
Rupesh Jain
(Expert)
20 June 2013
IT IS TRANSFER IN A SAME BUISNESS ?
IF YES THEN COST AS YOU BEAR, TAKE THE VALUE.
IF YOU SOLD IT OR TAKE DRWAINGS THEN TAKE MKT VALUE ON TFR DATE AND GIVE TAX AS BUSINESS INCOME
IF YES THEN COST AS YOU BEAR, TAKE THE VALUE.
IF YOU SOLD IT OR TAKE DRWAINGS THEN TAKE MKT VALUE ON TFR DATE AND GIVE TAX AS BUSINESS INCOME
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