Fmv as on date of conversion into stock in trade
This query is : Resolved
rajpal jaju
(Querist)
16 January 2017
Sir,
My client is having urban agriculture land, which was done NA in FY 2014-15 (which is considered as date of conversion into stock in trade) for plotting site.
According the section 45(2) there is requirement of FMV of asset as on date of conversion.
My query is FMV should be of agriculture land or Non-agriculture land to be taken for capital gain calculations?
Your opinion will really helpful for me.
My client is having urban agriculture land, which was done NA in FY 2014-15 (which is considered as date of conversion into stock in trade) for plotting site.
According the section 45(2) there is requirement of FMV of asset as on date of conversion.
My query is FMV should be of agriculture land or Non-agriculture land to be taken for capital gain calculations?
Your opinion will really helpful for me.
CA Suresh Jain
(Expert)
18 January 2017
Since land was Agriculture Land at the time of converting it to Stock in trade, the FMV of Agricultural land only as to be assigned
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