16 December 2014
i have come to know that if a person sells his agricultural land which is not within the specified area then he is not liable to pay any tax
if an individual buys and sells land for some 3 or 4 times his income is taxable as business income because of continuous activity
i want to know whether there is any rule that if the number of transactions are above (some x) it is said to be a continuous activity
how to determine an activity is continuous or not?
16 December 2014
There is NO any threshhold number for determining whether or not the activity is a business activity. In most of the cases, the importance is given to the INTENTION of the assessee
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