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Taxation of income
I sold stock which was earlier my capital asset. will it be taxed under PGBP or capital gain? what deduction can I claim
Replies (4)
Did you declare capital gain at the time of converting it to stock?
no.. whenever we convert cap asset to stock...it will be taxed only when it is successfully sold...i wanted to know how the income tax officer will know that my stock was previously my capital asset...so can it be shown under pgbp
The capital gain tax liability arises when the asset is converted to stocks. & the CG tax is required to be paid when the stock is sold.....
at the time of purchase of such asset if it is stock u would have shown in ur trading & p and l account along with balance sheet... in that way dept may know it is stock but not capital asset
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