Regarding heads of income

This query is : Resolved

anshul (Querist)
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15 September 2011 Income earned from regular sale & purchase of property comes under which head of income?
whether PGBP or Capital gains

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 September 2011 It is PGBP.

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Praveen Sharma

Praveen Sharma (Expert)
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15 September 2011 PGBP - effectively purpose of business.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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15 September 2011 Since this is your regular business it will come under the head PGBP

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anshul

anshul (Querist)
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15 September 2011 thanks all for replying...
Further i want to ask that i am not able to get bank overdraft against this business from HDFC Bank .
So from which bank i can get Bank O/D against this business...

Rajagopalakrishnan R

Rajagopalakrishnan R (Expert)
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20 September 2011 Each bank may have its own criteria for granting OD. Please look around with other banks in your locality. Many banks now offer someting called an OD against property where one of the properties held by you can be mortgaged and an OD based on its market value raised.