income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 March 2011
can I record my personal property(like plots) in my business books?
If I do this than what will be this property status....
1- Is treated Stock in trade or
2- Treated my personal property
i am a Real estate agent.
If I do this than what will be this property status....
1- Is treated Stock in trade or
2- Treated my personal property
i am a Real estate agent.
08 March 2011
Hi,
If u take it into ur business, it cannot be termed as " Personal Property "
It has to be termed as Conversion of Capital Asset into Stock in Trade.
Further Capital Gains Provisions are also Attracted.
Thank you,
Regards
CA.Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
If u take it into ur business, it cannot be termed as " Personal Property "
It has to be termed as Conversion of Capital Asset into Stock in Trade.
Further Capital Gains Provisions are also Attracted.
Thank you,
Regards
CA.Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
