shyam (CA Final Student) (166 Points)
27 February 2014DEAR SIR/MADAM,
PLEASE TELL SOMEONE
MR. A LIVING AT LUCKNOW HAS PURCHASED A FARM HOUSE & CONSTRUCTED A HOUSE IN A VILLAGE WHERE THERE IS NO MUNICIPAL AREA. WHETHER THIS FARM HOUSE AND CONSTRUCTED HOUSE IS TAXABLE OR NOT?
Yash Nakipuria
(Student CA )
(39 Points)
Replied 27 February 2014
SHASHANK AGARWAL
(self employed)
(114 Points)
Replied 03 March 2014
both the farm house and constructed house are capital assets and hence when the same will be sold, capital gains will arise.
for more queries : https://knowyourtaxation.blogspot.in/
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