Capital gains
This query is : Resolved
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?
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?
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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