CONVERSATION OF CAPITAL ASSET INTO STOCK IN TRADE

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22 Points Posted on 16 August 2022
where to show conversation of capital asset into stock in trade in ITR.
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On 16 August 2022 at 12:35 Report
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This discussion clarifies how to report the conversion of a capital asset into stock in trade within your Income Tax Return (ITR). While there isn't a specific tab, you should declare the resulting capital gains alongside your inventories in the balance sheet. The new inventory will appear under current assets in the Balance Sheet schedule of your ITR 3.

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SEO Sai Gr. Hosp.
212441 Points Posted on 16 August 2022

File ITR 3, Declare the capital gain arrived along with the inventories in Balance sheet.

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On 16 August 2022 at 13:27
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22 Points Posted on 16 August 2022
Is there any separate tab where it can be declared or it is to be shown seperately
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On 16 August 2022 at 14:29
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SEO Sai Gr. Hosp.
212441 Points Posted on 16 August 2022

No special provision, new inventory will be visible under current assets in Schedule BS....

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On 16 August 2022 at 16:40

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