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SEC 50 C

This query is : Resolved 
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(Querist)
18 June 2011 HI,
ONE OF MY CLIENT IS INDULGE IN REAL ESTATE BUSINESS.HE PURCHASE VACANT LAND & AFTER CONSTRUCTING A BUILDING OR FLAT ON IT,HE SELLS IT.
HE HAS PURCHASED MANY VACANT LAND FOR CONSTRUCTION PURPOSE.

SO I WANT TO ASK THAT IF HE WOULD SELL VACANT LAND (WITHOUT CONSTRUCTING ANY PREMISES ON IT),THEN WHETHER SEC 50 C OF INCOME TAX WOULD BE APPLICABLE OR NOT????

IN MY VIEW IT SHOULD NOT BE APPLICABLE BECAUSE VACANT LAND WILL BE HIS STOCK.

THANKS.
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Ashish

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Ashish (Expert)
19 June 2011 Yes. As he is in construction business it should be consider as a stock in trade
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CA Shyam Agrawal

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CA Shyam Agrawal (Expert)
19 June 2011 Friend hello.
What at the time of purchase your client showed it, as an investment or as stock in trade, accordingly case has to be deceided.
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CA M. ASIF FAROOQUI

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CA M. ASIF FAROOQUI (Querist)
21 June 2011 thanks....
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