We on a regular basis buy lands and then sell the same land in parts / plots to others . Its generally that we buy and sell the land in same year. We want to create a Pvt. Ltd. Company which has its business as real estate. My queries are :-
1. Are the profits from such transaction are from our business activity , will be income from business or income from land (capital gain ) ?
2. Since the amount of transaction would exceed Rs. 40 lacs will we be assessable to SALES Tax and do we need to pay any kind of tax on the same.
3.What other taxes would be levid for such companies
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