TMI BlogConversion of stock in trade into capital assetX X X X Extracts X X X X X X X X Extracts X X X X ..... Conversion of capital asset into stock in trade is treated as transfer taxable at the point of actual sale. what are the provisions for conversion of stock in trade into capital asset. Is it allowed u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder income tax.what are the sections containing provisions for this. May someone summarise the provisions. - Reply By DEV KUMAR KOTHARI - The Reply = There should be justifiable reasons of conversi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of capital asset into stock in trade and not simpoly to reduce tax liability by claiming business loss or set off of b/f business loss agaisnt business income or in some other manner. In that case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bonafide of conversion will be doubted. the relevant factors can be the period of holding of capital asset, subsequent development in busines sof particualr item or group of items. See speciofic se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 45(2) and general provisions of 28,29, 145 , mmethod of accounting adopted by assessee etc. - Conversion of stock in trade into capital asset - Query Started By: - manoj gupta Dated:- 28-6-20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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