business income v/s. capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2011
One of my assessee has purchased an immovable property jointly with other family members. He has shown the said investment in an immovable property as Purchases and carried into Stock-in-trade. In the next year, he sold the said property and shown as sales and offered the income as business profits. However, income tax officer is of the view that this income should be offered as capital gains. Since the said investment has been made jointly with other co-owners, either the said income (including share of other owners) can be assessed under AOP status or the income (his share) should be assessed as capital gains. What's the legality?
21 July 2011
collect the nature of payment by the assessee towards the acquisition of property, and only the portion paid by assessee is liable for his own income / capital gain
21 July 2011
also within 36 months of sale, its stcg, so no additional tax burden should arise
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
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- LC charges in relation to Asset purchased should be Capitalised ?
- Multiple trade mark
- Copyright software
- Regarding appeal to GSTAT
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- Transporter Declaration form
- Taxation on Swing Trading Income (No Other Income)
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
