Return of property dealers...
This query is : Resolved
kulvinder singh
(Querist)
10 July 2012
A property dealer purchased a plot on power of attorney. He construed a house on it with their money and sold after 10 month from date of purchase. whether this wil be his business & purchased other plot will be stock in hand and money spent on construction wil be normal business expenses(In Profit & loss Account)???
10 July 2012
Yes it will be his business.
Income will be business income.
Plots purchased shall be stock in trade.
Cost of construction shall be business income.
Income will be business income.
Plots purchased shall be stock in trade.
Cost of construction shall be business income.
kulvinder singh
(Querist)
10 July 2012
but he has no Licence for property dealing & not registered under service tax...
CA. A. K. GUPTA
(Expert)
11 July 2012
IF he not registered property dealer and the transations are not frequent, then it may not be business income if you can prove it.
but if transations are frequent, then it must be business income.
but if transations are frequent, then it must be business income.
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