If asses is converted into stock in trade, then is there any capital gain exemption is available for such convertion..??
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Capital gain exemption
Replies (4)
when an asset is converted into SIT then there is no exemption but u need to pay tax only on sale of that SIT.
There is no exemption as such. But if you don't sell that stock in trade. You need not pay the tax.
capital gain on conversion of capital asset into stock-in-trade shall be chargeable to tax in previous year in which that stock-in-trade is sold or otherwise transferred by the assessee. The indexation of cost of acquisition/improvement is done upto the date of conversion.
Thanks alot friends.........
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