In which schedule do I disclose the Capital Gains on conversion of Capital Asset (Shares) into Stock-in-trade in ITR-3?
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Quick Summary
This discussion addresses how to report capital gains when shares, initially held as a capital asset, are converted into stock-in-trade. It clarifies that such conversions aren't typically disclosed in the Income Tax Return (ITR) unless the shares are sold. If sold within the same financial year of conversion, specific reporting in Schedule BS of ITR-3 is required, along with other necessary conditions.