CAPITAL GAIN ON SALE OF ANCESTRAL LAND HELD PRIOR TO 01.4.2001
This query is : Resolved
03 June 2022
The assessee sold Ancestral land via plotting in parts & constructed a house after completion of land sale & consumed all the sale price in construction.
Can we treat the said sale as capital gain or should we take it as a Business Income.
The assessee has not been filing any itr for the past 10 years as there was no Income.
Can we treat the said sale as capital gain or should we take it as a Business Income.
The assessee has not been filing any itr for the past 10 years as there was no Income.
CA R SEETHARAMAN
(Expert)
03 June 2022
Consider it as capital gains and claim 54F exemption in case of one house constructed within 3 years of first sale.
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