TMI BlogSale Proceeds - Business Income or Capital GainsX X X X Extracts X X X X X X X X Extracts X X X X ..... a company has purchased land and incurred expenditure on regsitration in 2004 and this land was acquired with intention to develop it for construction of flats. there is no activity for 4 years in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company now in 2009-10 company wants to sell this land whether the sale proceeds will be taxable as business income or capital gains - Reply By Dinesh Gupta - The Reply = It depends upon the facts a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd circumstances which would determine the nature of land - a capital asset or revenue asset - if it is capital asset the same shall be subject to capital gains otherwise shall be subject to Profit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Gains from Business or Profession or Income From other Sources. You may also note that intention and purpose must be evidentry and sufficient to prove the object and purpose. Otherwise, as a layma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n like me, if not proved to the contrary, it is a capital asset and liable to capital gains. - Sale Proceeds - Business Income or Capital Gains - Query Started By: - madhavvan Dated:- 6-6-2009 Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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