Income from House Property
This query is : Resolved
11 March 2011
I have purchased Land in the year 2009 for Rs.3lacs ( this is the Commercial Property). and I built it and sold it for Rs.15lacs. This is the only one property. What will be tax liability in this matter.
please help us.
please help us.
12 March 2011
Sales Consideration- Cost of Land-Cost of Construction- Administrative Exp = Business Income.
Or calculate profit @ 8% on Gross Receipts of Rs 1500000/ directly and show as BUISNESS INCOME.
Or calculate profit @ 8% on Gross Receipts of Rs 1500000/ directly and show as BUISNESS INCOME.
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