one of my assesse having share income from firm, he also doing activity of purchase and sale of lands (real estate ), under which head, income from transfer of lands is chargeable (wheather business or professtion or capital gains)?
CA Krishna Chaitanya M (Chartered Accountant) (463 Points)
22 December 2011one of my assesse having share income from firm, he also doing activity of purchase and sale of lands (real estate ), under which head, income from transfer of lands is chargeable (wheather business or professtion or capital gains)?
praveen
(Chartered Accountant)
(6971 Points)
Replied 22 December 2011
It will be charged under Business & Profession.
RAKESH
(Almost CA)
(2199 Points)
Replied 22 December 2011
It should be under Income from business or profession .
CA Kiran Sutrave
(CA)
(428 Points)
Replied 22 December 2011
It is to treated as Income from Business or Profession
Ashok kumar
(CA Final)
(587 Points)
Replied 22 December 2011
Assess doing real estate business, here land treated as stock in trade and not a capital asset. hence the income from the real estate to be charges as business income.
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 22 December 2011
BUSINESS PROFESSION HEAD....
Aankit Khandelwal
(Aricle Assistant)
(34 Points)
Replied 22 December 2011
Agree with all of the above...!!
Bhavik Nathwani
(Asst. Accountant)
(40 Points)
Replied 22 December 2011
If assessee is in business of Real Estate than it will be charge under head Business & Profession
CA VISHAL RANA,CS,B.Com,AMFI
(Chartered Accountant in Whole Time Practice)
(4354 Points)
Replied 22 December 2011
Very gud karan ...smart people smart answer
Bhanu Prakash Rao
(Think Beyond Stay Ahead...!)
(1064 Points)
Replied 22 December 2011
agree with all .......
CA Krishna Chaitanya M
(Chartered Accountant)
(463 Points)
Replied 22 December 2011
but under capital gains chapter there is discussion about sec 50c capital gain in real estate transactions, so if purchase and sale of lands treated as capital gains as per sec 50c, it makes any different?
Neha Jain
(B.Com(H), CA-Final)
(64 Points)
Replied 23 December 2011
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