Jinesh Jain (3 Points)
06 August 2018
Jinesh Jain
(3 Points)
Replied 06 August 2018
Manish Ghiria
(CA )
(42 Points)
Replied 06 August 2018
There are two different transaction.
1. Conversion of stock into capital asset- The difference between the value as on date of conversion minus the purchase price of the stock will be charged in the hands of the father as business income.
2. Sale of asset inherited- The transfer of land will not be taxed in the hands of the son. When the land is sold the cost of acqusition will be the cost of land as on the date of transfer.
The land mentioned here is non agricultural land.
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