Profit on sale of buffalo is it liable for capital gains
This query is : Resolved
17 July 2014
Hi friends
one assessee have dairy farm business they want to quit the business so all buffalo's are sold , they received some profit on sale of buffalo's in the FY 2013-14.
is the assessee liable for capital gains ???
if it yes, is it comes under STCG or LTCG how to determine.
please advice any tax saving root.
one assessee have dairy farm business they want to quit the business so all buffalo's are sold , they received some profit on sale of buffalo's in the FY 2013-14.
is the assessee liable for capital gains ???
if it yes, is it comes under STCG or LTCG how to determine.
please advice any tax saving root.
17 July 2014
yes as the animals are assets for this business and its taxable.
stcg or ltcg depends on the period of holding them when u purchased
stcg or ltcg depends on the period of holding them when u purchased
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