Capital gain ofconverted n.a plot
This query is : Resolved
07 November 2014
I PURCHASED AGRI. LAND IN 1982 FOR RS. 50000. THEN MADE IT NON AGRI. LAND & NOW 17 PLOTS ARE IN MY POSITION. N.A. EXPS IS 50000/- IN CURRENT YEAR.
NOW I WANT TO SALE PLOTS ONE BY ONE FOR 500000/- EACH.
HOW I SHOULD CALCULATE TAX ON THIS AS I WILL SELL PLOTS IN NEXT 6 YEARS ONE BY ONE.
WILL IT BE SHORT TERM OR BUSINESS INCOME ?
AFTER 3 YEARS LONG TERM OR BUSINESS INCOME ?
WHAT IS THE BASIC COST OF EACH PLOT ?
NOW I WANT TO SALE PLOTS ONE BY ONE FOR 500000/- EACH.
HOW I SHOULD CALCULATE TAX ON THIS AS I WILL SELL PLOTS IN NEXT 6 YEARS ONE BY ONE.
WILL IT BE SHORT TERM OR BUSINESS INCOME ?
AFTER 3 YEARS LONG TERM OR BUSINESS INCOME ?
WHAT IS THE BASIC COST OF EACH PLOT ?
07 November 2014
It will be treated as Adventure in the nature of business. Better you show it as business income.
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