Sale of land used for business purpose
This query is : Resolved
Senthil Kumar
(Querist)
19 July 2010
Sale of land used for business - income from such can it be treated as business income..?
And is it eligible for set off of previous year carried forward losses...?
And is it eligible for set off of previous year carried forward losses...?
20 July 2010
Sale of land even if used for business should be treated under the head capital gains. it is a capital asset for the business.
If the person is a dealer in land ie real estate agent then only it would be taxed as business income
and ya it can be used for set off of capital losses of the previous years
If the person is a dealer in land ie real estate agent then only it would be taxed as business income
and ya it can be used for set off of capital losses of the previous years
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