Taxability of llp

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2011 An LLP (M/s: S K LLP) enters into a contract with Mr. A (Individual), wherein Mr A, an individual provides a site with market value of Rs.24lacs ( Government value is Rs.6lacs).M/s:S.K. LLP invests Rs. 16lacs (estimated) towards construction of the building ( to be sold for residential purpose). The estimated sale value of the Building after completion of construction is Rs. 45lacs.

My Query is taxability in the hands of LLP

(a) whether it is taxable under the head
(i) Profit's & gains of business or profession
or
(ii) Capital gains

Thanks in advance
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
09 August 2011 The income is taxable as
i) Profit's & gains of business or profession
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