Whether business income or capital gains ??
This query is : Resolved
11 March 2017
one of my client had plot of land which was given to a develeoper (builder) for construction of flats and shops. In consideration 40% of flats and shops were given to my client. He is selling flats/shops one by one. My question : whether income on sale of flat would be taxable as business income or capital gains ??
Read more at: https://www.caclubindia.com/forum/land-given-for-development-business-income-or-capital-gains--385434.asp
Read more at: https://www.caclubindia.com/forum/land-given-for-development-business-income-or-capital-gains--385434.asp
CA Shubhanshu Jain
(Expert)
15 March 2017
Income on sale of flats will be treated as capital gains because of following :
- Those shops and flats does not constitute as stock in trade because your client is not dealing in same.
- Those shops and flats does not constitute as stock in trade because your client is not dealing in same.
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