Tax exemption on the sale of capital assets converted into stock-in-trade--Clarification regarding section 45(2) read with section 54E of the Income-tax Act, 1961
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Date of transfer clarified as conversion into stock-in-trade, fixing when the investment relief period begins. Conversion of a capital asset into stock-in-trade is the date of transfer for the purpose of determining the six-month investment period required to claim ... Summary
Date of transfer clarified as conversion into stock-in-trade, fixing when the investment relief period begins.
Conversion of a capital asset into stock-in-trade is the date of transfer for the purpose of determining the six-month investment period required to claim exemption under section 54E; postponement of assessment to the year of actual sale does not change the date from which the investment window runs.
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