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Profit on sale of buffalo is it liable for capital gains

This query is : Resolved 
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(Querist)
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.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
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
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