Captal Gains Or Busines Income

Direct Taxation

How to find under which head of Income will come. Assessee will purchase a site & construct it and sell it off He will purchase building's also and after some years will sell it off

Veera V

CA Final

★ 0

27-Oct-21 07:27

623

Answers (2)

It is based on what business the assessee is doing and does he shown is site under closing stock ?.. if yes it will be chargeable under business income and if no it will be treated as capital asset and chargeable to tax under capital gain.

Stalin Manohar

CA Inter

★ 580

27-Oct-21 09:14

Stalin Manohar

Ok thanks

Thread Starter

Veera V

CA Final

★ 0

27-Oct-21 10:34