Capital Gains or Business Income..Urgent Sir!!!
This query is : Resolved
07 August 2010
Dear Experts,
If an individual buys Vacant Land and after holding it for less than 3 years or more than 3 years
(1) Again sells it as Vacant Land
(2) Builds a building and rents it out.
(3) Builds building and then sells it.
Please Provide me in all the above 3 cases under which head of income i have to classify.
For this single source of income (i.e. dealing only in land and related to land) can I classify under different heads of income (i.e. house property, business income and capital gains)
Please provide me with the relevant sections or case laws or notifications (recent) so that i can fully satisfy my senior regarding this.
Your help will be of great value for me.
With regards,
Rajesh
If an individual buys Vacant Land and after holding it for less than 3 years or more than 3 years
(1) Again sells it as Vacant Land
(2) Builds a building and rents it out.
(3) Builds building and then sells it.
Please Provide me in all the above 3 cases under which head of income i have to classify.
For this single source of income (i.e. dealing only in land and related to land) can I classify under different heads of income (i.e. house property, business income and capital gains)
Please provide me with the relevant sections or case laws or notifications (recent) so that i can fully satisfy my senior regarding this.
Your help will be of great value for me.
With regards,
Rajesh
07 August 2010
if he is holding more lands like this and this is one of the land then it would be treated as business income
if he holds only this then it would be treated as capital gain....
rental income would be treated as house property income
if he holds only this then it would be treated as capital gain....
rental income would be treated as house property income
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