we purchased a agriculture land and sold out it as residential plots with in a year
aprox all 30 plots are sold
whether it is taxed as capital gains or business income
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Stcg or business income
Replies (5)
Quick Summary
Business Income ...
Thank u soo much.....
My Pleasure..
Procedure
agricultural land to be converted to bastu land. Then it can be sold as residential plots.
Depending on the period of holding it is short term or long term.
Tax rate to be charged on the basis of assesse nature.
Whether its an individual or co, trust.
agricultural land to be converted to bastu land. Then it can be sold as residential plots.
Depending on the period of holding it is short term or long term.
Tax rate to be charged on the basis of assesse nature.
Whether its an individual or co, trust.
Individal and having certificate of diversion from local authorities
and purchased a agri land and half of that in 8 plots in same financial year
and purchased a agri land and half of that in 8 plots in same financial year
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