Capital gain
This query is : Resolved
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
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
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- BIS Certificates
- NON- SUBMISSION OF LLP FORM 3
- Scrutiny assessments u/s 143(2) for AY 25-26
- Regarding IMS Mandatory from 1st July 2026
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- 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
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
