Long Term Capital Gain

[Asked by Guest]

1. Sale of shop premises(owner) in come under Long Term Capital Gain. Shop purchase in the year 1987 and sold January, 2020.

2. Stock in hand was sold in bulk. This is come in business income.

Please advise.

[DR.MARIAPPAN GOVINDARAJAN]

What is the value during the purchase in 1987?

What is the sale amount in January 2020?

The sale amount for stock.

AI Summary

Long term capital gains: sale of shop treated as capital gain; bulk stock sale treated as business income; valuation required.
Sale of a retail shop acquired in 1987 and sold in 2020 is treated as Long Term Capital Gain, requiring the purchase cost and sale consideration to compute gain. Proceeds from bulk sale of stock-in-trade constitute Business Income, and the sale amount for stock is necessary to determine taxable business income.