Tax audit
This query is : Resolved
03 August 2013
Suppose a person is having construction business, he purchased a plot of land for Rs 50 lakhs in 2000-01 & sold it to a firm in which he is a partner for Rs 96 lakhs in 2012-13. Whether it is a capital gain or business income? His business is construction business & not purchases & sale of land. If it is a business income whether he is liable for tax audit?
03 August 2013
IF he is constructor but was purchased for his own personal purpose then it would be capital gain-long term in nature.
05 August 2013
it was not purchased for personal purpose
05 August 2013
if it was for the purpose of business then it will be considered as stock in trade and capital gain will not attract and income will be taxable under business head.
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