My query is that when we convert capital asset into stock, capital gain is calculated according to the FMV of asset on the date of tranfer and capital gain income is considered in the year in which sale of stock is made.
Now to take exemption in this case when we wil have to purchase a house property as per sec 54F. This section says that the house should be purchased within 2 years from the date of transfer. And as per Sec 2(47)conversion into stock means tranfer.
Now how can we claim exemption in the absenec of any income?
CAclubindia
