sale of agri land whether taxable as business income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 February 2010
Whether profit on sale of rural agricultural land in real estate business taxable as business profit?
11 February 2010
Because Rural agricultural land is not Capital Asset u/s 2(14), therefore for every type of assessee, there is not any chargability of capital gain.
However, if aforesaid asset held as stock-in-trade by that business then it will be taxable as business profit(stock-in-trade u/s 2(14)).
Regards!!!
However, if aforesaid asset held as stock-in-trade by that business then it will be taxable as business profit(stock-in-trade u/s 2(14)).
Regards!!!
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