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Capital gain or sales

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(Querist)
08 September 2011 Sir/Madam,
If any Firm deals in construction business & it sales a plot then the profit on plot to be considered as capital gain or business profit?
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CA Navin Jain

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CA Navin Jain (Expert)
08 September 2011 IF MAIN BUSINESS IS CONSTRUCTION AND SELL TO PLOT THEN WILL BE CONSIDERED BUSINESS PROFIT.
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CA Prabhash Choudhary

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CA Prabhash Choudhary (Querist)
08 September 2011 Sir,
If main business only sale of Flat & it same plot just for carry on firm then what will be treatment of the same?
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CA Navin Jain

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CA Navin Jain (Expert)
08 September 2011 IF PLOT IS PURCHASED AS INVESTMENT, THEN CAPITAL GAIN/ LOSS WILL BE COME WHEN ITS SOLD
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CA Prabhash Choudhary

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CA Prabhash Choudhary (Querist)
08 September 2011 It was purchase for construction of building but due to some reasons, firm had to sale the plot.
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CA Navin Jain

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CA Navin Jain (Expert)
08 September 2011 CAPITAL GAIN
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CA Prabhash Choudhary

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CA Prabhash Choudhary (Querist)
08 September 2011 Thanks Sir,
Thank you very much

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