Applicability of Income Tax in case of Construction of commercial complex
This query is : Resolved
17 December 2022
I have Agricultural Land close to main road of the town. Now i want to develop commercial complex over there after obtaining NA permission.
I have intention to sell these commercial shops after receiving BU permission. Hence no issue of GST remained.
Now i have two option to avail for income tax treatment
Option 1:- I need to convert Capital Assets i.e Land or Fully constructed Complex in stock in trade then make sale as goods.
Option 2 :- Sale of each commercial shop as a Capital assets.
Which option is should i go ? If any other option available for Income tax treatment then please inform.
I have intention to sell these commercial shops after receiving BU permission. Hence no issue of GST remained.
Now i have two option to avail for income tax treatment
Option 1:- I need to convert Capital Assets i.e Land or Fully constructed Complex in stock in trade then make sale as goods.
Option 2 :- Sale of each commercial shop as a Capital assets.
Which option is should i go ? If any other option available for Income tax treatment then please inform.
17 December 2022
You can convert land to stock in trade, constructs complex & sell the shops.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Banking Related Issue
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
