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Business or capital gain income

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 February 2012 1. Can a person make the propertiership firm to sale and purchase property.2. And the firm income will be treated as business income or capital gain income ? 3.and rent paid for office building and interest paid is allowed from sale or purchase of property?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
29 February 2012 1. Yes
2. Income will be treated as Business Income.
3. Yes, expenses can be claimed against the Gross Profit.
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Mihir Doshi

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Mihir Doshi (Expert)
01 March 2012 Agree with Expert...
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