If the assessee has converted capital asset into stock in trade ...

Income Tax

May 4, 2016

If the assessee has converted capital asset into stock in trade in prior years, then part of the profit arising on sale of land, shall be chargeable to tax under the head capital gains and part of the profit under the head business income - AT

View Source

← Previous Next →

If the assessee has converted capital asset into stock in trade ...

Income Tax

May 4, 2016

You may also like:

Capital gain on conversion of capital asset into stock in trade is payable only in the year in which the assessee ultimately sells such stock in trade.

Long Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was required to disclose such lands as stock in trade in books of...

Computation of profit - sale of asset after conversion from capital asset to stock-in-trade - Apply the provisions of Section 45(2) of the Act and compute the capital...

Realignment of profits arising on sale of land parcels - surplus arising on sale of asset - ‘capital gains’ OR ‘business income’ - The CIT(A), in our view, has come to a...

Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

Classification of head of Income – adventure in the nature of trade or sale of capital asset - sale of property after getting the flats constructed - taxable as capital...

Shares converted into stock-in-trade - Valuation adopted for conversion of investments to stock-in-trade, opening stock and closing stock - where an assessee converts...

Correct head of income - income arising on sale of shares held as capital asset after conversion from stock in trade - business income or capital gains - Tribunal erred...

Minimum alternate tax (MAT) - profit from sale of agricultural land, which is not a “Capital Asset”, cannot be included for the purpose of computing book profit u/s 115JB - AT

Real estate companies can also hold separate port folio of land as stock in trade and as investment port folio; the sale of investment portfolio is always taxed as...

Quick Updates: