Sec 45(2)

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Rahul Jain (Querist)
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17 October 2012 Can a stock in trade be converted into capital asset on the lines of conversion of capital asset into stock in trade (sec 45(2) of I.T. Act)

Amol S Joglekar

Amol S Joglekar (Expert)
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17 October 2012 Yes, why not? In fact, this situation arises in most of the cases of builders and promoters when they keep some flats or shops for their "OFFICE" purposes.

Rahul Jain

Rahul Jain (Querist)
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17 October 2012 CAN YOU PLEASE TELL THE RELEVANT PROVISIONS

Amol S Joglekar

Amol S Joglekar (Expert)
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17 October 2012 Sorry, which provision you want? Capital Gain or Accounting?

Rahul Jain

Rahul Jain (Querist)
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17 October 2012 CAPITAL GAINS

Amol S Joglekar

Amol S Joglekar (Expert)
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17 October 2012 Stock in trade does not fall under the definition of capital asset. That is the provision under capital gain.

Rahul Jain

Rahul Jain (Querist)
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17 October 2012 HOW THIS BE TAXED

Amol S Joglekar

Amol S Joglekar (Expert)
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17 October 2012 the same as we used to tax the .... say goods taken by businessman for his personal use. Say a grocer taking sugar for his/her personal consumption. AS says it should be recorded at the price at which it has come to the grocer.

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Sec 45(2)

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