12 October 2012
Dear sir, A person booked a flat in a Delhi NCR,by pay the amount of Rs.5 Lakh in march,2012 and sale the right of flat in Rs. 10 Lakh .
Please tell me the profit of Rs.5 Lakh will be treated as short term capital gain,or profit or business or profession.
12 October 2012
If he purchased for his personal use then short term capital gain will arise. And if he booked the flat as a property dealer then business income will arise.
CAclubindia
