Section 45(2) - Capital Gains On Conversion of Capital Assets Into Stock-In-Trade

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Full Text of the Document

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....ost of Acquisition PGBP = Sale Price of Stock-on-trade - FMV of the asset on the date of conversion Capital gain shall be taxable in the previous year in which such converted asset is sold. * The amount recorded in the books of account of the business as the value of stock-in-trade is not relevant. FMV on date of conversion is relevant. * The indexation of cost in above case shall be done t....