Deal all,
My query is regarding capital gain on conversion of assets into stock in trade.
A peson converts its land into stock in trade in the year F.Y. 2010-11 i.e. within a period 2 years from its acquisition. He then introduce the same as capital introduction in the firm in which he is a partner in the year F.Y. 2011-12. In this case, what will the status of capital gain? STCG OR LTCG?? and in which year it is to be payable and how the sales consideration will decide?? please reply urgently???? thanx and regards
CAclubindia
