CBDT Circular on Section 2(47) Of The Income-Tax Act, 1961 – Capital Gains-Transfer – Clarification Regarding Tax Exemption Under Section 54e On Sale Of Capital Assets Converted Into Stock-In-Trade

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SECTION 2(47) OF THE INCOME-TAX ACT, 1961 – CAPITAL GAINS-TRANSFER – CLARIFICATION REGARDING TAX EXEMPTION UNDER SECTION 54E ON SALE OF CAPITAL ASSETS CONVERTED INTO STOCK-IN-TRADE CIRCULAR NO. 560, DATED 18-5-1990 1. Section 2(47) of the Income-tax Act provides that any conversion of capital assets into stock-in-trade, shall be regarded as a transfer. This transfer arises in…

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