stock in trade
Querist : Anonymous
a newly formed company buy a property as stock in trade to get the old structure demolished and construct flats but later project was called off.now company after 4 years wants to sell the property as it is.what are the tax implications on the company.cost of purchase 20 lakhs but now due to abnormal increase in circle rate by development authority.the price has zoomed to 40 lakhs as per stamp duty.cost of property is still not more than 22 lakhs due to property prices correction
Querist : Anonymous
Otherwise it is a capital asset.
If the land is selling now, which was purchased 4 years ago, shall be treated as Long term capital gains.
Sale consideration less Indexed cost of Acquisition.
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