income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 March 2011 can I record my personal property(like plots) in my business books?

If I do this than what will be this property status....
1- Is treated Stock in trade or
2- Treated my personal property

i am a Real estate agent.

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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08 March 2011 Hi,

If u take it into ur business, it cannot be termed as " Personal Property "

It has to be termed as Conversion of Capital Asset into Stock in Trade.
Further Capital Gains Provisions are also Attracted.

Thank you,

Regards
CA.Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

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