Pms -capital gain or business income?

Dhanya (nil) (62 Points)

30 July 2011  

An assessee, doctor by profession, is having two PMS account and one Ordinary DP account. For the last two years income from PMS account was treated as Business Income. But this year if the same method is followed tax liability will be more. So can PMS be treated as Short Term Capital Gain? What are the tax implications of doing so?