Dear all,
I have a query regarding income from sale of Land. In this case assessee has sold lot of lands which he purchased in 1995
at different places. now in FY 2012-13 he sold those lands. Sales consideration declared in the conveyance deed is less then the value adopted for purpose of stame duty by stamp valuation authority.
Now my query is that income from sale of these lands treated as capital gain income or business income?
If it treated as business income what will be the sale consideration amount i.e. conveyance deed amount or amount declared by the stamp valuation authority?
Please reply on this as soon as possible.
CAclubindia
