Tax treatment on conversion of stock in trade into capital asset
This query is : Resolved
RAMAKANT HEMANI
(Querist)
02 August 2015
what is the tax treatment of conversation of stock into capital asset & whether it is transfer or not & in what head income is to be taxed ?
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Amol S Joglekar
(Expert)
02 August 2015
01. Read section 45(3) and 45(4).
02. Assuming your case does NOT fall under that, the treatment would be....debit drawings account. In the case of proprietory concern, it is not regarded as transfer..(Depending upon the facts of the case, which may differ drastically from case to case)
Better if you could share your exact situation.
02. Assuming your case does NOT fall under that, the treatment would be....debit drawings account. In the case of proprietory concern, it is not regarded as transfer..(Depending upon the facts of the case, which may differ drastically from case to case)
Better if you could share your exact situation.
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