Treatment for property buying and selling business

It seems your refering to Real Estate business.

If your dealing in the buying and selling of Real Estate properties, then the properties you buy & sell shall be considered as stock-in-trade.

You will need to prepare a P&L A/c to determine the net profit from such a business. Also keep in mind the provisions of section 43CA of Income Tax Act, 1961, where the sale value cannot not fall below the Stamp Value of the properties for tax purposes.

The entire profit from such business shall be taxable under the head - Profits and Gains from Business or Profession.

Business model of buying property in ones name and selling for business purpose can be done only if one is proprietor, not in non individual entity.