Capital gains or business income
Querist : Anonymous
I need a clarification regarding conversion of agricultural land into plots. One of my assessee purchased Ac.4-06 cents of agricultural land in 1997. Due to land being in the vicinity of town he sold the land by making plots in the year 2012-13.Whether the transaction amounts to "Adventure in the nature of trade" or "Long Term Capital Gains". Assessee is not in the habit of doing this kind of business till date.Please give reply as soon as possible quoting recent caselaws.
Thanking you
Querist : Anonymous
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