Transactions treated business or capital gains income

This query is : Resolved

(Querist)
Follow

13 September 2021 Sir,
A person sales and purchase transactions 6 times one financial year for sale and purchase agricultural land rural area .
Question:
Assess source of income treatment above transactions business income or capital gains tax income in it act.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

13 September 2021 Well , he may be doing business of such lands' sell purchase; but for IT purpose, he may not declare it as business. At the same time, being rural agricultural land/s, its nor capital gain too.
Only condition is that he must first get transferred these agricultural lands in his name with registered sell deeds.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now