Dear chaitanya,
In case the land is held as stock-in-trade in the real-estate business by your client, it is not a capital asset within the meaning of Sec. 2 (14) of the Income Tax Act.
Dear chaitanya,
In case the land is held as stock-in-trade in the real-estate business by your client, it is not a capital asset within the meaning of Sec. 2 (14) of the Income Tax Act.
| Originally posted by : Prabeer | ||
 |
Dear chaitanya, In case the land is held as stock-in-trade in the real-estate business by your client, it is not a capital asset within the meaning of Sec. 2 (14) of the Income Tax Act. |
 |
Sec 50c applies only in case of transaction u/s 45 which is capital gains.. In this case real estate is taxable under sec 28 PGBP and hence 50C wont apply..:)
Agree with Mr Pravin Jee
Businees and Profession have different meanings
but income from them are treated same as per Income Tax..!!!
and there is some difference in provisions for maintaing books U/s 44AA
Agree of all above.It is to be trated as Business & Profession.
ITS MAY BE DEPEND UPON NATURE OF BUSINES CANNOT SAY ITS CAPITAL GAINS OR BUSINESS INCOME ITS TOTTALY DEPENDS UPON PAST RECORDS IF HE ONCE HE TREATED AS BUSINESS GAIN THAN IN FUTURE ITS NOT TO BE TREATED AS CAPITAL GAIN
agree wid all ..
CAclubindia
