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Capital gain

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(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?
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Amol S Joglekar

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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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