29 May 2012
plz tell me what will be treatment of livestock. a person have pension income and have some cattles but not any dairy farm. he sale and purchases this cattles after six months what will be treatment of this sale & purchases of cattles under income tax act 1961. are there any treatment in income tax return. which ITR should be fill
29 May 2012
The livestock is being sold regularly after a period of six months so it can be said that the person is regularly dealing in livestock and so such livestock should be treated as Stock and the profit and loss should include the livestock as Stock. ITR 4 is required to be filled.
CAclubindia
