Income from sale of plots
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 September 2015
my friend had the agriculture land received from his father in will. he converted the same NA (Non Agriculture Land) and made the agreement with real estate business firm to layout the same land and sale the plots. now plots are sold out and my friend has received the share of profit. my question is that in which head his profit should have been appeared? capital gain or business income?
reply fast........
reply fast........
25 September 2015
Share of profit is a business income.
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