Profit on sale of property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 September 2014 Sir i want to clear this out. A partnership firm engaged in dealing of property bought a property in 2000-01 and sold it in 2014-15.Can we show the profit on sale of Property as LTCG.

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
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12 September 2014 Proving adventure in nature of business required in your case . As you purchased property but it not traded since from 14 years . Yours intention is to make gain through capital appreciation . So its better to go for capital gain tax.

If you are in the strong position prove that its in nature of business then claim as business.

Preferably go for capital gain tax.

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