Capital gains
Dikki Dikki (3 Points)
12 September 2020what is section 28 here ?
Dikki Dikki (3 Points)
12 September 2020
Gagan Deep Singh
(CHARTERED ACCOUNTANT)
(1190 Points)
Replied 12 September 2020
Section 28 (via) says Fair market value of inventory on the date when it is converted into capital asset is treated as business income.
When converted capital asset is old, then FMV will be deemd cost of acquisition.
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