Stock in trade to capital goods

Depends on the assessee. If your business is trading in property, then profit on such sale will be treated as business income. If not, then it will be treated as capital gains and the same will be taxed under it.

I think you cant. from your answer i have assumed that you are a trader in properties. In that case property held by you for your personal purpose only will count for capital asset( which is not intended for sale and same should not have been showed as stock in trade) here in this case you have showed the property as stock in trade and the same has been traded for profit. post sales changes cannot be made to the transaction and the income arising on such transfer will be considered as business income.