my client has a business of land purchase and sale
he purchases the property and sale it at least after 3 years. his total property is of around 60 lakhs.
que is it preferable to show property business or should i treat ot as capital gain.
if i show business tax amout will be to high as he has kept the property for more than 3 years...
and also his shop act licence also represents property business.
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business or capital gain
Replies (2)
it is advisable to treat the said income as business income. kindly refer definition of capital assets for capital gains.
though it is for business purpose it is generally long term in nature & the indexation benefit will be lost.
Taxes in this case will be too high.
There's generally 3-5 yrs holding period
e.g property purchased in 2013 for 6lakh sold in 2018 for 11.5 lakh so it will be high tax amout as compared to capital gain.
Taxes in this case will be too high.
There's generally 3-5 yrs holding period
e.g property purchased in 2013 for 6lakh sold in 2018 for 11.5 lakh so it will be high tax amout as compared to capital gain.
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