Land & building purchase and sale

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 October 2014 Dear Sir,

I have purchased and sale land and building in a Private Limited company in a Financial Year what will be the income tax provision in this regard.

please tell in detail.

Thanking you

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 October 2014 the stock of land as at 31 March is to be shown as closing stock and normal provisions under section 28 to 44AB shall apply for the computation of business of Income

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