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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
