Capital Gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2009 i am a professional ( Practicing Doctor) I have received an agriculture land from my ansister, before 1981 in the year 2003 i converted that land into Non Agriculture land (i.e. into Plots) and sold the plots and filed the return by charging the income from sale of plots under the head capital Gain, know the assessing officer wants to charge the same under the head Business or Profession

Are there any case laws in support of my case to treat the above income under the head Capital Gains

Heera Nahariya

Heera Nahariya (Expert)
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26 December 2009 A systematic activity with a series of transaction of purchase & sale is taxable under the head PGBP.

In your case it is not taxable under the head PGBP.

If still AO is insisting then go for appeal. Your case is very strong in your favour.