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of <h1>Income-tax Act, 1961: Section 45 amended to tax gains from capital asset conversion to stock-in-trade at sale.</h1> Section 45 of the Income-tax Act, 1961, is amended to include a new provision regarding the conversion of a capital asset into stock-in-trade. The amendment specifies that profits or gains from such conversion by the owner will be taxable as income in the year the stock-in-trade is sold or transferred. For tax purposes, the fair market value of the asset at the time of conversion will be considered the full value of the consideration received for the transfer.
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