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Sale property
Sir, I purchased a land of rs 4200000 in 2018 and we are making it a plot for instalment selling so please tell me how the capital gains will be calculated.
Replies (4)
Quick Summary
Sir..In my opinion...your sale seems to fall in the form of advemture in the nature of trade. Hence will be liable for tax under Business Income.
However u can claim capital gain indexing benefit by converting the capital asset in to stock in trade.In such case, part of the income be capital gain and part under business head.
However u can claim capital gain indexing benefit by converting the capital asset in to stock in trade.In such case, part of the income be capital gain and part under business head.
Please advice, what is the nature of your business, are you into construction. on the open plot, will you be building a residential complex and sell it to prospective buyers.
please be specific while posting your query
please be specific while posting your query
Sir building is a residential and sell it to prospective buyers
If you are in construction business, and are developing plots on it, then sale of plot will to prospective buyers will be considered as business income
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