Period of holding
When the period of holding under capital gains commences in case of conversion of stock in trade into capital asset?
Replies (1)
Dear Sir
Period of Holding Shall be counted from the date of Purchase of Stock (example Flat or Land) to date of Transfer.
Example:-
Date of Stock Purchased - 10/10/2012
Date of Conversation - 10/10/2015
As per section 47 of Income tax act 1961 the conversation of stock in trade to Capital Asset shal be treated as Transfer.
And As per section 45 of Income tax Act 1961 you will be liable for capital gain on the date of Tranfer.
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