17 November 2014
Assessee was in receipt of land from his father(N. A.). which was bought before 1 April 1981. now the assessee wants to construct flats & commercial shop on said land to sell in future.
I need advice from experts, whether the trasanction as mentioned above attracts provision of Sec 45(2) i.e. capital gain on conversion of capital assets into stock in trade.
1) which date will be considered as "Date of conversion of Catital assets into Stock in trade" and
2) what will be the cost of acquisition in such case?.