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long term capital gains
I have a vacant land and construction of flats made n sold. should I have to admit both capital gains n business income or only business income?
Replies (4)
HI PRASAD SIR,
HERE YOU ARE MAKING FLATS ON YOUR OWN LAND AND SELLING.
IF THIS IS CONTINUOUS THEN IT COMES UNDER PGBP.
BUT YOU ARE BUILDING AND SELLING FLATS IN YOUR AREA AFTER THAT EVENT YOU MAY NOT GO TO NEXT PLACE AND DO SO.
HENCE YOUR INCOME IS TAXABLE U/H CG
AS THERE IS NO REGULAR TRADING OF ASSETS
HERE YOU ARE MAKING FLATS ON YOUR OWN LAND AND SELLING.
IF THIS IS CONTINUOUS THEN IT COMES UNDER PGBP.
BUT YOU ARE BUILDING AND SELLING FLATS IN YOUR AREA AFTER THAT EVENT YOU MAY NOT GO TO NEXT PLACE AND DO SO.
HENCE YOUR INCOME IS TAXABLE U/H CG
AS THERE IS NO REGULAR TRADING OF ASSETS
both capital gains and business income will derive from the said transactions
How the capital gains tax to be calculated?
How the capital gains tax to be calculated?
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