Section 45(2)
This query is : Resolved
07 September 2010
Dear Experts
Can u help me out or explain me the section 45(2)
Can u help me out or explain me the section 45(2)
07 September 2010
The said section says conversion of captial asset into stock in trade is tansfer. But capital gains will not arise in the year of transfer, but capital gains arise in the year in which such converted asset is sold.
07 September 2010
ok
but can we provided tax lialbity in current year(the year in which we have convert capital assets into stock in trade) in the books or tax liablity provided at the time of said stock in trade sale out.
pls reply
but can we provided tax lialbity in current year(the year in which we have convert capital assets into stock in trade) in the books or tax liablity provided at the time of said stock in trade sale out.
pls reply
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