Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights May 2015 Year 2015 This

Long term capital gain on sale of long term capital assets - ...


No Conversion of Capital Assets to Stock-in-Trade; Section 45(2) of the Income Tax Act Not Applicable.

May 15, 2015

Case Laws     Income Tax     AT

Long term capital gain on sale of long term capital assets - there is no conversion of capital assets to stock-in-trade either by the assessee or the joint family. In this view of the matter, we hold that the provision of section 45(2) of the Act are not applicable - AT

View Source

 


 

You may also like:

  1. Capital gain - effective date of Conversion of capital asset into stock in trade - till the time the owner himself either converts the capital asset into stock-in-trade,...

  2. 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...

  3. Correct head of income - income earned out of sale of property - business income or capital gains - when the asset was converted into stock-in-trade - the assessee has...

  4. 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...

  5. Capital gain - Land (asset) held as stock-in-trade in the partnership firm - Considering the legal position as explained by us in the relevant provisions of subsection...

  6. Taxability of sale of sub-tenancy rights - Income from Other Sources OR Income from Capital Gains - when tenancy is recognised as capital asset within meaning of Section...

  7. Addition u/s 45(2) - conversion of capital asset into stock in trade - The computation of capital account would be based on the consideration being fair market price as...

  8. Addition on account of capital gain - conversion of AOP/trust in company - transfer of the assets u/s 2(47) - till the time of conversion, the AOP remained in existence...

  9. Computation of capital gain - conversion of Gold in stock in trade and income from other sources - assessee converted the gold into stock in trade on various dates and...

  10. 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.

  11. Whether the assets received by the assessee at the time of partition are capital assets or stock-in-trade. - properties where held by the family as stock in trade -...

  12. Taxability of capital gain in firm - revaluation of asset being land held by the partnership firm - money equivalent paid to retiring partners to enhanced portion of the...

  13. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

  14. Long term capital gain - agricultural land - capital asset u/s 2(14) - land as situated within Municipal Limit or not?- it can be held that “Dharuhera” of District...

  15. Capital gain - compromise settlement for breach of contract - Transfer u/s 2(47) - the compensation received by the assessee arises out of the transfer of capital asset...

 

Quick Updates:Latest Updates