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Presumptive Taxation & Capital Gains

Direct Taxation

Respected Sir, Mr.A purchased land on Jan 1, 2024 for Rs. 40 lakh Mr.A converted Land into Stock in trade on next day Jan 2,2024. In this case, Can STCG be taken as ZERO as FMV and Cost of Aquisition is same sir ? Video Details P3A - Income Tax (New) Chp 4.3 - Profits and Gains from Business and Profession 28. S.44D: Presumptive Taxation

Mamidi Vinisha

Mamidi Vinisha

CA Inter

★ 970

27-Apr-24 10:16

40

Answers (3)

Yes. But PGBP will come which will be the difference between actual SP and FMV on the date of conversion

Shiva Teja

Shiva Teja

Faculty

27-Apr-24 10:18

Shiva Teja Faculty

Yes. But PGBP will come which will be the difference between actual SP and FMV on the date of conversion

Thank you so much sir

Thread Starter

Mamidi Vinisha

Mamidi Vinisha

CA Inter

★ 970

27-Apr-24 10:20

Most welcome

Shiva Teja

Shiva Teja

Faculty

27-Apr-24 10:21

May15 | 15% Off on ALL Courses

All the Best

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