10 July 2012
A property dealer purchased a plot on power of attorney. He construed a house on it with their money and sold after 10 month from date of purchase. whether this wil be his business & purchased other plot will be stock in hand and money spent on construction wil be normal business expenses(In Profit & loss Account)???
10 July 2012
Yes it will be his business. Income will be business income. Plots purchased shall be stock in trade. Cost of construction shall be business income.