Long term capital Gain

[Pullikalu venkateswara reddy]

An Individual is having Non 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.

AI Summary

Gains from Non-Agricultural Land Sale Classified as Long-Term Capital Gain, Unless Part of Business Activities An individual inquired about the tax treatment of gains from selling non-agricultural land held for over three years. Two responses clarified that the gain would typically be classified as a long-term capital gain unless the individual is engaged in the business of buying and selling land. The duration of holding becomes irrelevant if the person is involved in such business activities, as the income would then be considered business income. If the land sale is an isolated event, it would still be treated as a capital gain regardless of the holding period.