Hi,
One of my client has sold one of his site for profit which was held as current asset. It was acquired in 2009. He is into business of real estate. Now under income tax act, will there be capital gains in this case???
Girish (Consultant) (94 Points)
20 April 2012Hi,
One of my client has sold one of his site for profit which was held as current asset. It was acquired in 2009. He is into business of real estate. Now under income tax act, will there be capital gains in this case???
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 20 April 2012
No, it is stock-in-trade for the assessee. So, no CGT.
Prateek
CAclubindia
