HELLO FRIENDS, IN CASE OF DAIRY FARMING BUSINESS IF SOMEONE PURCHASES ANIMALS THEN WHETHER
FULL DEDUCTION IS ALLOWED
AND IF THERE IS A PROFIT ON THE SALE OF THE LIVESTOCK
WHAT IS THE TREATMENT?
PLS TELL.
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INCOME FROM DAIRY FARMING
Replies (4)
profit from sale of livestock is exempt from capital gain in this case. had it been assessee would hold livestock as stock in trade then it will be taxable under income from business profession
| Originally posted by : RAJ KUMAR | ||
 |
HELLO FRIENDS, IN CASE OF DAIRY FARMING BUSINESS IF SOMEONE PURCHASES ANIMALS THEN WHETHER FULL DEDUCTION IS ALLOWED AND IF THERE IS A PROFIT ON THE SALE OF THE LIVESTOCK WHAT IS THE TREATMENT? PLS TELL. |
 |
you are here tell us that assessee having dairy farming business, from here it's not clear that the purchase or sell of animals are covered under your business or not
so raveesh at his side totally right
that if it's business than no capital gain and it taxable under business head
and if it's not your daily business then it must comply the conditions of section 45 for capital gain
Dear Raj Kumaer,
Income from sale of live stock is taxable under head business income and this income is derived such as Sale Price of Live Stock minus Cost Price of Live Stock.
would gains from sale of a horse used for horse racing be a capital gain??
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