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capital asset converted into stock in trade

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 August 2010 if a construction company purchases a land for the purpose of construction of the residential unit on it,and upto the period scheme is put on it, the land is categorised as a fixed asset, and after putting the scheme on it,company is taking that land into the stock in trade....please let me know whether capital gain will be levied as the capital asset has been converted into stock in trade....
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Gayathri Devi

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Gayathri Devi (Expert)
04 August 2010 Yes the capital Gain will be attracted if that stock has been sold
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 October 2021 The CG tax is to be paid in the year when the stock gets sold.
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