Capital asset
This query is : Resolved
16 March 2009
Suppose if a land held as stock in trade was subsequently sold as capital asset. Then please let me know the tax implication of the same. Thank you...
17 March 2009
Fmv at the time of conversion - purchase cost will be treated as business income.
upon sale of land sale value - fmv upon conversion will be capital gains. tax on both income shall be paid only when the land is sold
upon sale of land sale value - fmv upon conversion will be capital gains. tax on both income shall be paid only when the land is sold
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