Capital gain/ business income
This query is : Resolved
13 May 2014
If a person in engaged in Business of sale of land and building along with other activities like agriculture and having souce of income classified as " other Income" i.e. Interest income, rent income etc. then income from sale of land and building is to be considered under " capital gain" or " Business Income".
Please also specify how much frequency of transaction of sale and purchase of land and building is required to classified as business income?
Thanks
Please also specify how much frequency of transaction of sale and purchase of land and building is required to classified as business income?
Thanks
Nikhil Kaushik
(Expert)
13 May 2014
should be considered as business income. the intention is more relevant rather than frequency.
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