Hello All,
I booked a flat in Gurgaon on 15 February, 2011 for Rs. 1.70 Crore for which I have already paid an amount of Rs. 1.63 Crore. I have not yet taken the possession of the said flat, now I am finalizing the sale proceed of this flat for Rs. 1.81. I just want to know that since I hav'nt take the possession of the said flat can I treat the profit as a business income & adjust it with my regular business income / loss ( I owned a proprietorship firm & in leather garment business) or it will be treated as a long term capital gain. Pls advice.
Read more at: /forum/house-property-income-taxation-343328.asp
Read more at: /forum/house-property-income-taxation-343328.asp
CAclubindia
