04 January 2008
Noramlly profit this word used in business.that is by purchasing and selling some goods you will earn some amount viz called as profit.But gain may be in various ways.By selling land or other immovable property you may get some profit it may called as gain.In income tax profit referred for business gain referred for capital asset.
Simply if you earn some profit in your regular business activity it may called as profit.If you earn some amount in exceptional cases like sale of land or shares it may called as gain.
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