in deemed cost of acqusition . . . .there is a point . . .'capital gain arises in the trasfer of capital asset refered in section 28 (via) '
what is section 28 here ?
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Capital gains
Replies (2)
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.
Thank you
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