whether Capital gain or Business P/L?
This query is : Resolved
CA KALPESH LAKHANI
(Querist)
25 December 2008
on of my Client (Partnership Firm) acquired a Plots from GIDC costing say Rs.50 Lacs in the name of Partnership Firms Name for business purpose....but they are not starting their business due to financial crises for 2 more years....and firm decide to sold the land to third party.
Now question is that, land is not depreciable assets, and they sold it for say Rs.60 lacs..is it Capital gain or Business Income?..... during this two year firm has aslo paid some charges to GIDC for not starting business on Land, is this expesnes are deductable?
Now question is that, land is not depreciable assets, and they sold it for say Rs.60 lacs..is it Capital gain or Business Income?..... during this two year firm has aslo paid some charges to GIDC for not starting business on Land, is this expesnes are deductable?
CA KALPESH LAKHANI
(Querist)
25 December 2008
give me reply?thanxs
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