CBDT prescribes FMV rules for conversion of inventory into capital asset

Aug 31,2018

CBDT inserts new Rule 11UAB for determination of fair market value (FMV) of inventory for the purposes of newly inserted Sec. 28(via); Prescribes that the FMV of the inventory, being land or building or both, shall be the stamp duty valuation of such immovable property on the date on which the inventory is converted into capital asset; For inventory, being jewellery, archaeological collections, drawings, paintings, sculptures, any work of art, shares or securities...

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