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Gold Stock in business but now its converted into Personal Assets
I am having Gold stock in my Business but now I wanted to convert that Gold stock into my personal assets, So As per Income Tax Act, 1961 which Section is applicable for the above query.
Replies (2)
45(2) conversion
section 45(2) is applicable capital gain is taxable in the year in which such stock- in -trade is sold or otherwise transferred by him, but indexation benefit is available upto the year of conversation if it is long term capital asset
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