Cap gain or pgbp
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2013
Issue : 5 brothers have joint land ( agricultural ) . They have given the contract to a builder to develop 500 plot of residential houses on that land . 100 flats will lie in the account of each brother . Registry in nae of general public . when they'll sell land as converted in residential flat will it attract cap gain or pgbp provisions . Do reply asap ...on this post or my e mail id aa75143 @ gmail.com
Guest
Guest
(Expert)
24 June 2013
The income will be assessable as Business Income.
This is called adventure in trade.
This is called adventure in trade.
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
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
