There is one service provider
who provides the service and instead of consideration he receives land .After sometimes such land is sold then under which head this land is taxable.
2.If this land is taxable in the head of capital gain then what is cost of acquisition of such land.
3. this consideration received is taxable as PGBP INCOME .
Menu
Income under which head
Replies (2)
1. The Value of Service if it can be reasonably determined shall be the value of services rendered. If the same cannot be ascertained reasonably,the fair market value of the consideration (land)received shall be the value of service provided.
2. The cost of acquisition shall be the value determined in point 1 above
3. Yes, the value of services calculated as per point 1 shall be taxable under PGBP
2. The cost of acquisition shall be the value determined in point 1 above
3. Yes, the value of services calculated as per point 1 shall be taxable under PGBP
I completely agreeing with Point no 1 and 2 but regarding Point no 3, it's income from PGBP if the assesse is a regularly dealing in sake and purchases of land otherwise it's a Capital Gain
Recent Threads
- Consortium Partnership: GST and TDS query
- Luxury premium car - Lease or Loan
- Income tax act 40 A (3)
- Transmission of deceased's shares in physical form
- Shall I pay GST payment for unkonwnly cancelled in
- Error in GSTR1 filing for October 25
- Inverted Rate structure .
- Exemption to be climed
- GST TDS u/s 51 Applicability on RBI and it's subs
- Time allowed to buy another asset
Related Threads
CAclubindia
