Assessee have 20 different company shares acquired in the F.Y 10-11 out of which 10 company shares sold in FY 15-16 and filed return under head Capital gain and loss in the year of sale now can assess convert his remaining 10 company share into stock in trade in the FY 11-12 and sold share in FY 19-20 and assessed income under business and profession as per section 45(2) i.e conversion of capital assest to stock in trade.
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Section 45(2) of Income Tax Act
Replies (1)
Personally speaking, there is no time limit for conversion of capital assets into stock in trade. The conversion restrictions in the Income tax of 8 years will only be apply on those cases where section ,47A attracted , however in Section 47A restrictions of conversation is only applicable on holding and subsidiary company. hence Assessee can convert as per my opinion
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