Capital gains
This query is : Resolved
14 May 2016
The Assessee Inherited land from his grandfather in 1979.the fair market value on April 1, 1981 is Rs 5000.
In FY 2015-16 He sold the land for Rs 2,07,06,000/- after Plotting to various buyers.
Expenses on development of Land for Building Road etc is Rs 20,00,000.
The Assessee is a salaries employee by profession & not engaged in Business or Profession
Query
Will the Income Be Assessed as Business income or Capital Gain ?Can we treat the land as Stock in trade?
In FY 2015-16 He sold the land for Rs 2,07,06,000/- after Plotting to various buyers.
Expenses on development of Land for Building Road etc is Rs 20,00,000.
The Assessee is a salaries employee by profession & not engaged in Business or Profession
Query
Will the Income Be Assessed as Business income or Capital Gain ?Can we treat the land as Stock in trade?
14 May 2016
It is a capital asset and gains arising out of it are chargeable to tax as capital gains.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Inventory of finished goods
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Applicability of Ind As to associate of associate
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
