PROVISIONS RELATING TO CAPITAL GAIN ON CONVERSION OF CAPITAL ASSET INTO STOCK IN TRADE

0 comments Sunday, March 6, 2011
Section 45(2) of Income Tax Act deals with the cases where a capital asset is converted into stock in trade. Whenever a capital asset is converted into stock in trade by an assessee it is deemed as transfer of capital asset and attracts capital gain provisions, inspite of the fact that the ownership of such capital asset doesnot change by such conversion.

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