one of my assesse having share income from firm, he also doing activity of purchase and sale of lands (real estate ), under which head, income from transfer of lands is chargeable (wheather business or professtion or capital gains)?
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Head of income
Replies (22)
It will be charged under Business & Profession.
It should be under Income from business or profession .
It is to treated as Income from Business or Profession
Assess doing real estate business, here land treated as stock in trade and not a capital asset. hence the income from the real estate to be charges as business income.
agree with mr pravin
BUSINESS PROFESSION HEAD....
Agree with all of the above...!!
If assessee is in business of Real Estate than it will be charge under head Business & Profession
Agree with All.....
Very gud karan ...smart people smart answer
agree with all .......
but under capital gains chapter there is discussion about sec 50c capital gain in real estate transactions, so if purchase and sale of lands treated as capital gains as per sec 50c, it makes any different?
here this is his profession of selli and buying land so comes under PGBP head......
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