I am housewife I bought a plot 2 months back but below stamp duty value. However stamp duty is paid on full but consideration paid is less. I think extra income will go under income from other sources. Now my question is.
1. in order to save tax from income from other sources can I show it as stock-in-trade property.
2. also if I sale property after 6 months do I have to only pay short term capital gain or something more for being it stock in trade.
3. and how long can I keep a property for stock in trade.
1. No, you may not be able to justify it as stock-in trade.
2. When you sale, the capital gains arises over investment and not on stocks. there it will be business income, and profits will be over the actual purchased price (which is below circle rate).
3. You have to utilize it in business, not for sale as it is.........
CAclubindia
