Regarding capital gain
This query is : Resolved
13 December 2012
Dear Sir,One of my client has purchased a old residential house and demolished it. And after that he constructed five shops at the ground floor and then he constructed a residencial house on the 1st floor for his own purpose. Now he has sold all shops made on ground floor.Now my question is that selling of shops will fall in the head of capital gain or it will be consider as business activity like the builders do.Please advise me.
13 December 2012
If it is one time activity... it will be regarded as "adventure in the nature of trade" and shall be regarded as business income.
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