12 September 2014
Sir i want to clear this out. A partnership firm engaged in dealing of property bought a property in 2000-01 and sold it in 2014-15.Can we show the profit on sale of Property as LTCG.
12 September 2014
Proving adventure in nature of business required in your case . As you purchased property but it not traded since from 14 years . Yours intention is to make gain through capital appreciation . So its better to go for capital gain tax.
If you are in the strong position prove that its in nature of business then claim as business.
CAclubindia
