capital gains
This query is : Resolved
11 January 2011
in year 1980 i made investment in plot agreemnet in both the husbend $ wife name , in the year 2008 my wife died ,agreemnet divided between my two sons &also me.in the year 2009 we strated construction activity , & construct 44 units ,& show stock in trade , whether conversion of investment in to stock in trade liable to ltcg . please give me section reference & case laws, year of chargebility its urgent
Vivek Raju P
(Expert)
11 January 2011
the amount will be long term capital gains for the year 2009 and will be charged to tax in the year you sell the residential units,
to summerise profit on sale of residential units is business income and the conversion is LTCG.
Any other expert opinion welcome
to summerise profit on sale of residential units is business income and the conversion is LTCG.
Any other expert opinion welcome
Manmohan ACA, CS
(Expert)
11 January 2011
the amount will be long term capital gains for the year 2009 and will be charged to tax in the year you sell the residential units,
to summerise profit on sale of residential units is business income and the conversion is LTCG.
to summerise profit on sale of residential units is business income and the conversion is LTCG.
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