Capital gain or sales
This query is : Resolved
CA Prabhash Choudhary
(Querist)
08 September 2011
Sir/Madam,
If any Firm deals in construction business & it sales a plot then the profit on plot to be considered as capital gain or business profit?
If any Firm deals in construction business & it sales a plot then the profit on plot to be considered as capital gain or business profit?
CA Navin Jain
(Expert)
08 September 2011
IF MAIN BUSINESS IS CONSTRUCTION AND SELL TO PLOT THEN WILL BE CONSIDERED BUSINESS PROFIT.
CA Prabhash Choudhary
(Querist)
08 September 2011
Sir,
If main business only sale of Flat & it same plot just for carry on firm then what will be treatment of the same?
If main business only sale of Flat & it same plot just for carry on firm then what will be treatment of the same?
CA Navin Jain
(Expert)
08 September 2011
IF PLOT IS PURCHASED AS INVESTMENT, THEN CAPITAL GAIN/ LOSS WILL BE COME WHEN ITS SOLD
CA Prabhash Choudhary
(Querist)
08 September 2011
It was purchase for construction of building but due to some reasons, firm had to sale the plot.
CA Navin Jain
(Expert)
08 September 2011
CAPITAL GAIN
CA Prabhash Choudhary
(Querist)
08 September 2011
Thanks Sir,
Thank you very much
Thank you very much
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