Land Sale Income Treated as Business Income, Not Capital Gain, u/s 28 of the Income Tax Act.

Land Sale Income Treated as Business Income, Not Capital Gain, u/s 28 of the Income Tax Act. https://www.taxtmi.com/highlights?id=54024 Income from sale of land - Income from business OR capital gain - object of the assessee to purchase the land to convert into small plots and then sale these small plots on profit - the assessee is fulfilling the condition of section 28 of the Act, being a business, therefore, we direct the Assessing Officer to treat the transaction under the head income from business and compute the tax liability accordingly. en-us Wed, 15 Jul 2020 15:20:45 +0530 Wed, 15 Jul 2020 15:20:45 +0530 TaxTMI RSS Generator Land Sale Income Treated as Business Income, Not Capital Gain, u/s 28 of the Income Tax Act. https://www.taxtmi.com/highlights?id=54024 Income from sale of land - Income from business OR capital gain - object of the assessee to purchase the land to convert into small plots and then sale these small plots on profit - the assessee is fulfilling the condition of section 28 of the Act, being a business, therefore, we direct the Assessing Officer to treat the transaction under the head income from business and compute the tax liability accordingly. Highlights Income Tax Wed, 15 Jul 2020 15:20:45 +0530 https://www.taxtmi.com/highlights?id=54024