Shares held as Stock-in-Trade as per the Income Tax Return of FY 2016-17, is now being Converted into Investments on 01-April 2017 and then Such Shares are Sold during FY 2017-18 so that TAX BENEFIT of Long Term Capital Gain on sale of Shares held for a period of more than 1 Year can be availed.
Not all Shares, Only those shares which are held for a Long Term.
Is it Possible?
What would be the Tax Implications of Converting into Investment ?
Does this Profit during the Year will be taken as LTCG and be exempted or will it be taxed as BUSINESS INCOME.?
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