07 August 2010
Dear Experts, If an individual buys Vacant Land and after holding it for less than 3 years or more than 3 years (1) Again sells it as Vacant Land (2) Builds a building and rents it out. (3) Builds building and then sells it.
Please Provide me in all the above 3 cases under which head of income i have to classify.
For this single source of income (i.e. dealing only in land and related to land) can I classify under different heads of income (i.e. house property, business income and capital gains)
Please provide me with the relevant sections or case laws or notifications (recent) so that i can fully satisfy my senior regarding this.
CAclubindia
