Stock in trade
This query is : Open
28 June 2013
Mr.X deals in land.. land development business.
as such land is his SIT
Mr. x sell a land (shown as SIT in books) which is agriculture land as per Income Tax.
Can Mr.x divide his SIT in two part
1. Agriculture Land ( Exempt)
2. Other Land
and can exemption.
as such land is his SIT
Mr. x sell a land (shown as SIT in books) which is agriculture land as per Income Tax.
Can Mr.x divide his SIT in two part
1. Agriculture Land ( Exempt)
2. Other Land
and can exemption.
29 June 2013
thanks for ur kind suggestion..
i repeat u r saying.. even if i m treating agriculture land as stock in trade.. i can claim it as exepmt income.. frm agrl land
i repeat u r saying.. even if i m treating agriculture land as stock in trade.. i can claim it as exepmt income.. frm agrl land
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