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Capital Gains - Ancestral Property

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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.

08 October 2021 It can be considered as capital gain; as some case laws are in its favor.

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).






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