Capital Gains - Ancestral Property
This query is : Resolved
08 October 2021
Dear Experts
Assesee sells the ancestral property inherited during the year. The property is 1 acre of vaccant site which is sold to various persons . Almost 25 different documents ( 4cents in each documents approx ) were executed and registered.
My doubt is whether the same has to be conisdered as business income or capital gains.
Assesee sells the ancestral property inherited during the year. The property is 1 acre of vaccant site which is sold to various persons . Almost 25 different documents ( 4cents in each documents approx ) were executed and registered.
My doubt is whether the same has to be conisdered as business income or capital gains.
08 October 2021
It can be considered as capital gain; as some case laws are in its favor.
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08 October 2021
Capital gains.
Inference - CIT Vs. MLM. Mahalingam Chettiar (1977) 107 ITR 236 (Mad).
- National Products Vs. CIT (1987) 163 ITR 632 (Kar).
Inference - CIT Vs. MLM. Mahalingam Chettiar (1977) 107 ITR 236 (Mad).
- National Products Vs. CIT (1987) 163 ITR 632 (Kar).
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