https://www.taxtmi.com/forum/issue?id=120952 Conversion of land from stock-in-trade to a capital asset is taxed in the year of conversion on the fair market value as business income. On later sale, the same fair market value becomes the deemed cost of acquisition, and the holding period for capital gains is counted from the date of conversion. Accordingly, only the post-conversion appreciation is taxed under capital gains, subject to the prescribed long-term holding period. en-us Sun, 07 Jun 2026 19:18:19 +0530 Mon, 08 Jun 2026 18:18:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=120952 Conversion of land from stock-in-trade to a capital asset is taxed in the year of conversion on the fair market value as business income. On later sale, the same fair market value becomes the deemed cost of acquisition, and the holding period for capital gains is counted from the date of conversion. Accordingly, only the post-conversion appreciation is taxed under capital gains, subject to the prescribed long-term holding period. Discussion-Forum Income Tax Sun, 07 Jun 2026 19:18:19 +0530 https://www.taxtmi.com/forum/issue?id=120952