Capital gain
This query is : Resolved
MANJUNATHA M.R
(Querist)
29 May 2013
Dear Experts my brother have purchased 30 guntas of land and he held it for 3years after that he bifurcated as sites and sold it to other parties. My query is that whether my brother attracts Capital Gain or it should be accounted as business income from real estates. Please give your expert opinion. Thanks in Advance
Pankaj Gupta
(Expert)
29 May 2013
Your brother did not held the land as stock in trade in his business. Neither he was in business of trading in such properties.
Hence such land was not his stock in trade. And therefore capital gain will arise on the sale. If the sale was made in within 36 months of purchase than short term capital gain will arise otherwise long term capital gain will arise.
Hence such land was not his stock in trade. And therefore capital gain will arise on the sale. If the sale was made in within 36 months of purchase than short term capital gain will arise otherwise long term capital gain will 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
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Gratuity paid to legal heir above 20 lakh is taxable or not
- ARCA LOGIN
- Movement of goods by packers and movers - type of sale - Reg.
- RCM and same line
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Rectification under processing even after 6 months cpc portal
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
