Continuous activity
This query is : Resolved
ashok nimmagadda
(Querist)
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?
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?
Amol S Joglekar
(Expert)
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
In most of the cases, the importance is given to the INTENTION of the assessee
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