Capital gains

This query is : Resolved

AMANDEEP (Querist)
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14 May 2016 The Assessee Inherited land from his grandfather in 1979.the fair market value on April 1, 1981 is Rs 5000.
In FY 2015-16 He sold the land for Rs 2,07,06,000/- after Plotting to various buyers.
Expenses on development of Land for Building Road etc is Rs 20,00,000.
The Assessee is a salaries employee by profession & not engaged in Business or Profession

Query
Will the Income Be Assessed as Business income or Capital Gain ?Can we treat the land as Stock in trade?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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14 May 2016 It is a capital asset and gains arising out of it are chargeable to tax as capital gains.

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