DEAR SIR/MADAM,
PLEASE TELL SOMEONE
MR. A LIVING AT LUCKNOW HAS PURCHASED A FARM HOUSE & CONSTRUCTED A HOUSE IN A VILLAGE WHERE THERE IS NO MUNICIPAL AREA. WHETHER THIS FARM HOUSE AND CONSTRUCTED HOUSE IS TAXABLE OR NOT?
DEAR SIR/MADAM,
PLEASE TELL SOMEONE
MR. A LIVING AT LUCKNOW HAS PURCHASED A FARM HOUSE & CONSTRUCTED A HOUSE IN A VILLAGE WHERE THERE IS NO MUNICIPAL AREA. WHETHER THIS FARM HOUSE AND CONSTRUCTED HOUSE IS TAXABLE OR NOT?
both the farm house and constructed house are capital assets and hence when the same will be sold, capital gains will arise.
for more queries : https://knowyourtaxation.blogspot.in/
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