CA LAVESH VASYANI (CA IN PRACTICE) (150 Points)
20 March 2010what is the procdedure and effect of conversion of investment(shares) into stock in trade on both the companies?
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 20 March 2010
Pass a board resolution for conversion of investment into stock in trade giving the details of transfer. The transfer value should be the market value or the investment as on the date of transfer and the resultant capital gains or loss will be taxable in the year in which the converted stock is sold.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
CAclubindia
