how is taxation of Real Estate business of a firm Computed?
This query is : Open
22 June 2009
Dear Friends,
how is the taxation of Real Estate business(purchase & selling of plots) of a firm Computed?
whether benifit of capital gains applicable or not?
whether it is considered as a business? and the profit arrived after deducting all expenses is taxed?
please urgently help me fellas..
thanx in anticipation.
how is the taxation of Real Estate business(purchase & selling of plots) of a firm Computed?
whether benifit of capital gains applicable or not?
whether it is considered as a business? and the profit arrived after deducting all expenses is taxed?
please urgently help me fellas..
thanx in anticipation.
chetan soni
(Expert)
22 June 2009
Answer to your questions,
1. As you said real estate business, then it will not be considered as capital gains.
2. Yes it is considered as business income. Deduct all incidental & ancillary expenses from the profit. And then taxed the profit accordingly.
1. As you said real estate business, then it will not be considered as capital gains.
2. Yes it is considered as business income. Deduct all incidental & ancillary expenses from the profit. And then taxed the profit accordingly.
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