Capital gain
This query is : Resolved
07 December 2013
Is there is any capital gain if we transfer stock in trade into capital assest ??
07 December 2013
CAPITAL GAIN IS ARISE WHEN CAPITAL ASSETS IS TRANSFER
HERE STOCK IN TRADE IS EXCLUDE IN DEFENATION OF CAPITAL ASSETS SECTION 2(14),
SO YOU CONVERT YOUR STOCK IN TRADE IN CAPITAL ASSETS, THERE IS NO ANY CAPITAL GAIN,
AND AFTER CONVERSION YOU TRASNFER SUCH ASSETS
THEN CAPITAL GAIN ARISE AND YOU PAID TAX IN YOU CAPITAL GAIN
HERE STOCK IN TRADE IS EXCLUDE IN DEFENATION OF CAPITAL ASSETS SECTION 2(14),
SO YOU CONVERT YOUR STOCK IN TRADE IN CAPITAL ASSETS, THERE IS NO ANY CAPITAL GAIN,
AND AFTER CONVERSION YOU TRASNFER SUCH ASSETS
THEN CAPITAL GAIN ARISE AND YOU PAID TAX IN YOU CAPITAL GAIN
07 December 2013
I agree with the expert CA Dheeraj.
.
Further, the stock is valued at cost or market price , which ever is less.
.
So, there may be variation as regards the
cost of the stock and the value at which it is converted into investment.
.
Such difference, if any, has to be dealt through P&L A/c.
.
.
Further, the stock is valued at cost or market price , which ever is less.
.
So, there may be variation as regards the
cost of the stock and the value at which it is converted into investment.
.
Such difference, if any, has to be dealt through P&L A/c.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
