Cap gain or pgbp
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2013
Issue : 5 brothers have joint land ( agricultural ) . They have given the contract to a builder to develop 500 plot of residential houses on that land . 100 flats will lie in the account of each brother . Registry in nae of general public . when they'll sell land as converted in residential flat will it attract cap gain or pgbp provisions . Do reply asap ...on this post or my e mail id aa75143 @ gmail.com
Guest
Guest
(Expert)
24 June 2013
The income will be assessable as Business Income.
This is called adventure in trade.
This is called adventure in trade.
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