30 March 2013
Can a Depreciable capital asset which is used for the purpose of business can be converted into stock in trade? if yes then how it is calculated? thanks in advance.
07 April 2013
It depends what is the nature of asset. If you do it then in the year of conversion you have to pay the capital gain tax and if the block exists then reduce the same from the gross block and transfer to stock intrade
CAclubindia
