Hello All
Need some tax advice. The case is as follows:
A company has a land property classified as a fixed asset. The purpose of the company is to conduct purchase/sale of land and property. The company is considering to sell this particular land. Shall the excess of sale price over the cost price be considered as a capital gain or business income. It should be noted that at the time of purchase of the land, the purchase was not included in the Profit and Loss Account as 'Purchases'.
Also, what considerations come into play with respect to provisions under MAT?
Any inputs would be highly appreciated.
CAclubindia
