Long term capital Gain

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..... Long term capital Gain
Query (Issue) Started By: - Pullikalu venkateswara reddy Dated:- 8-1-2014 Last Reply Date:- 9-1-2014 Income Tax
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Income Tax
An Individual is having Non .....

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..... Agricultural Land ( measuring 10 acres)for holding more than 3years. If he sells the Land property, How can we treat the Gain amount whether it comes under Business income or Long Term Capital Gain. .....

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..... Reply By CA GOPALJI AGRAWAL: The Reply: It would be Long term capital gain unless the assessee has been doing the business of lands. Reply By Mritunjay Kumar: The Reply: Dear Mr. Reddy, The period .....

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..... of 3 years becomes irrelevant, if the person is engaged in the business of land (sale/purchase). For this purpose surrounding circumstances to be seen. i.e. whether the assesse has been involved in o .....

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..... ther sale/purchase of lands and other circumstances that are surrounding. If this is the sole case of sale of land and no such transaction has taken place in the nearby time, then even if the sale of .....

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..... this land is made within 6 months instead of 3 years, then also the income from it will fall under the head capital gains.
Discussion Forum - Knowledge Sharing .....

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