Correct head of income - LTCG OR Business income - engaged in ...

Income Tax

April 23, 2019

Correct head of income - LTCG OR Business income - engaged in the business of building construction and land developers - land shown in balance sheet as investment - it is always open to an assessee to hold the same class of assets as investment and also as stock-in-trade - There is no bar in law for a person dealing in land to also have investment in land

View Source

← Previous Next →

Correct head of income - LTCG OR Business income - engaged in ...

Income Tax

April 23, 2019

You may also like:

SSTCG or LTCG - sale of composite factory land, factory building alongwith borewell was sold – consideration received should be bifurcated in respect of each of the...

CG arising out of the sale of land and building to be bifurcated to compute LTCG and STCG – Concept of dual ownership

Correct head of income - gain on sale of building - ‘long term capital gains’ or ‘business income’ - merely because the assessee is engaged in the construction business...

Taxability of Service - The applicant was engaged in the business of constructing residential villas – it cannot be said that these buildings were independent housing...

Reopening of assessment - Correct head of income - LTCG or business income - disallowing indexation on cost of acquisition and treating LTCG as business income -...

Reopening of assessment u/s 147 - Assesseee had already disclosed the receipt by way of sale consideration from the transaction in question and has bifurcated the said...

Depreciation on property – income earned may be assessable to tax under the head ‘property income’ but the fact remains that the assessee was engaged in a business...

Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

Nature of income in the hands of land developer (vendor) - third party agreement with land owner - the receipt would attract capital gains at his hands - HC

Exemption u/s 11 - Charitable activity u/s 2(15) - entities engaged in providing other than essential services - business of providing built-up space or making available...

Quick Updates: