Real estate
This query is : Resolved
03 January 2012
My uncle purchase sites in his name and sale to other parties for profit regularly . can the transaction are shown as Real Estate Business.
03 January 2012
Yes. Profit from the activity can be shown under the head Profits & Gains from Business or Profession.
04 January 2012
is there any registration for sole proprietorship real estate business.
and is there any particular rules to show the transaction as wholly business transactions?
plz reply sir
and is there any particular rules to show the transaction as wholly business transactions?
plz reply sir
04 January 2012
Registrations are not important from Income Tax Point of view. However, Shops & Establishment License and Professional Tax Registration in the name of him or his Prop Estate Agency substantiate the intention to do business, so he should apply for these.
.
Whether the transaction is of business or of an investment, there is no better judge , other than the assessee. Frequent transactions will prove the nature.
.
Whether the transaction is of business or of an investment, there is no better judge , other than the assessee. Frequent transactions will prove the nature.
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