income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 March 2011
can I record my personal property(like plots) in my business books?
If I do this than what will be this property status....
1- Is treated Stock in trade or
2- Treated my personal property
i am a Real estate agent.
If I do this than what will be this property status....
1- Is treated Stock in trade or
2- Treated my personal property
i am a Real estate agent.
CA. Lohith Jagadeesh
(Expert)
08 March 2011
Hi,
If u take it into ur business, it cannot be termed as " Personal Property "
It has to be termed as Conversion of Capital Asset into Stock in Trade.
Further Capital Gains Provisions are also Attracted.
Thank you,
Regards
CA.Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
If u take it into ur business, it cannot be termed as " Personal Property "
It has to be termed as Conversion of Capital Asset into Stock in Trade.
Further Capital Gains Provisions are also Attracted.
Thank you,
Regards
CA.Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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