An assessee who is a builder and who holds an undeveloped land for more than 10 years. Is he liable for wealth tax?
Regards,
Devendra K
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 10 November 2011
Is the land treated as stock in trade in the books of account of the builder ?