Question

18.
Computation of capital gains in case of conversion of a capital asset into stock-in-trade:
Aarav converts his plot of land purchased in July, 2003 for Rs. 80,000 into stock-in-trade on
315 March, 2019. The fair market value as on 31st March, 2019 was Rs. 2,50,000. The stock-in-
trade was sold Rs. 2,75,000 in the month of January 2020. Find out the taxable income, if any,
and, if so, under which 'head of income' and for which Assessment Year? (5 Marks, May 2008)
Cost Inflation Index: FY 2003-04 = 109; FY 2018-19 = 280 and FY 2019-20 = 280.​

Answer 1

Answer:

thanks for free points...btw