Poonawalla fincorp
Poonawalla fincorp

how to show - profit from sale of land

This query is : Resolved 
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 July 2011 Facts: aquision cost of land NIL- a capital asset.
purchase/ sale of land not company's business- it is a casual sale.
Company-a pvt. ltd. co., has rental income and income from weigh bridge.

Queries:
whether MAT applicable on sale proceeds of land ?
whether land sold to be shown as business income or capital gains or as income from other sources?
If capital gains then is MAT applicable?
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CS Bijoy

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CS Bijoy (Expert)
19 July 2011 It will be shown as capital gain and MAT will not be applicable and tax will be calculated as Short Term or Long Term Capital gain Tax.

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