Dear all,
Is there any section under the income tax act which gives the provisions for conversion of stock in trade into capital asset. If yes what is the tax implicaton thereof?
Also is there any other legislation providing for the method and valuation at which the conversion shall take place?
Regards
No there is no any method of conversion of stock in trade into capital assets.
Thank you Mr. Jha, but something must be the procedure for the conversion.
Say if i have shares in stock which is static since 10 years or so, and i want to convert it to investments, what shall be procedure?
Naveen Fintech Pvt Ltd
Kolkata
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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