Stock converted into fix assets
Querist : Anonymous
we are engage in real-estate business.
we are earning rent income form a project and for the same we have paid interest also.
now we want to claim such interest u/s 24 of income tax act, 1961 by showing rent income as house property income by converting the project into fix assets.
can we do it and any capital gain liability arise form the above transaction.
If you are really converting your stock in trade in fixed assets, then there is no problem the cost of asset will be the cost of such stock.
Querist : Anonymous
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