Capital gain
This query is : Resolved
CA Jayesh Nimje
(Querist)
05 February 2013
Sir, I have purchased a land nearly 4-5 yrs ago. It was a capital asset. I constructed a building having flats and shops on the same land with a view to let it out. But eventually i sold few of the flats and shops.
Sir what shall be my tax liability?
Does section 45(2) attracts in this particular case?
Sir what shall be my tax liability?
Does section 45(2) attracts in this particular case?
Amol S Joglekar
(Expert)
05 February 2013
What you sold is the "flat/shop" or "flat/shop along with the rights in the LAND" is the question. The sale of mere flat/shop will amount to adventure in the nature of trade and will be taxed under income from business.
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