a person sales and purchase transactions 5 different agriculture lands rural area one financial.
question:
assess business income or capital gains tax applicable treatment in it act
4 Replies
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 12 November 2021
If assessee is dealing in selling and purchasing of properties then it is a business income but if his business is not that then it is considered to be capital gains.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 13 November 2021
It should be treated as nature of income
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 November 2021
Rural agricultural land is not a capital asset and hence no tax on capital gain.
Not sure if we can tax this under PGBP.
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 13 November 2021
Capital gains will not arise
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