1.Date of purchase of shares as inventory: 1.5.15
2.Conversion of inventory into investment on 31.3.2015 Deemed businesses income taxable/not- if yes under which head.
3. SALE of investment on 31.10.2016
Can LTCG exemption under 10(38) be claimed by taking date of acquisition as date of purchase of shares rather than date of conversion.
"Conversion of inventory into investment on 31.3.2016"
No
Whether Gain on convesion of Stock in trade into Investment is taxable as Business Income.
Whether Gain on convesion of Stock in trade into Investment is taxable as Business Income.
Yes...
CAclubindia
