Transactions treated business or capital gains income
This query is : Resolved
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.
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.
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.
Only condition is that he must first get transferred these agricultural lands in his name with registered sell deeds.
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