Capital gain - effective date of Conversion of capital asset ...

Section 45(2) of Income Tax Act applies only after explicit conversion of capital asset into stock-in-trade by owner.

January 3, 2018

Case Laws Income Tax AT

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, the provisions of section 45(2) of the Act will not be attracted. Thus, what is provided is that only positive act/conduct of the owner assessee in applying/treating a capital asset into stock-in-trade is relevant to determine the applicability of section 45(2) of the Act. - AT

View Source

← Previous Next →

Capital gain - effective date of Conversion of capital asset ...

Section 45(2) of Income Tax Act applies only after explicit conversion of capital asset into stock-in-trade by owner.

January 3, 2018

Case Laws Income Tax AT

You may also like:

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...

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...

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...

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...

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...

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...

Conversion of capital assets into stock in trade - colourable device - short term capital loss v/s business loss on sale transaction of gold - assessee will be entitled...

The ITAT ruled against the revenue, quashing the reassessment proceedings initiated under section 147 after four years from the original assessment. The Tribunal...

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...

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.

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...

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 -...

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...

Short term capital gain arising out on transfer of land - nothing illegal about the conversion of land by the assessee into stock -in-trade - no infirmity in the order...

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...

Quick Updates: