there is a plot of land gifted to the grandson, and the grandson is made layout out of that land, and selling the sites now.
whether this should be considerd as capital gains or is it a business income ??
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Capital gains or business income
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Whether the transfer was as stock in trade or as capital asset should be seen. If transfer was as capital asset both capital gains when the capital asset was converted into stock in trade and business income on when the sites were sold will be taxable in the hands of grandson
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