Long term capital gain or adventure
This query is : Resolved
21 August 2014
ek vyakti ne lagbhag 25 varsh se hardware ka karobar kar rha h. uske father k death k baad hisse k rup me kheti ki jamin prapt hue. Father ne yeh jamin year 1960 m purchased ki thi. us vyakti ne apne hisse ki jamin ko U.I.T. se convert karwa kar sarak ka nirman kiya aur sath me bijali pani ki line ki vyavstha ki us jamin ko 30 plots ke rup me kat kar unka samay-samay per sale kar rha h. ukt sale se hone wali income long term capital gain k head me mani jayegi ya adventure ke rup me business income mani jayegi
Rupesh Jain
(Expert)
22 August 2014
profit conversion to work on land is taxable under the capital gain and after that income from income from business & profession. taxa will be paid in year in which year sell the plot.
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