TaxTMI 
TaxTMI 
Sale Proceeds - Business Income or Capital Gains
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....ale Proceeds - Business Income or Capital Gains<br> Query (Issue) Started By: - madhavvan Dated:- 6-6-2009 Last Reply Date:- 7-6-2009 Income Tax<br>Got 1 Reply<br>Income Tax<br>a company has purchased....
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.... land and incurred expenditure on regsitration in 2004 and this land was acquired with intention to develop it for construction of flats. there is no activity for 4 years in the company now in 2009-10....
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.... company wants to sell this land whether the sale proceeds will be taxable as business income or capital gains Reply By Dinesh Gupta: The Reply: It depends upon the facts and circumstances which woul....
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....d determine the nature of land - a capital asset or revenue asset - if it is capital asset the same shall be subject to capital gains otherwise shall be subject to Profit and Gains from Business or Pr....
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....ofession or Income From other Sources. You may also note that intention and purpose must be evidentry and sufficient to prove the object and purpose. Otherwise, as a layman like me, if not proved to t....
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....he contrary, it is a capital asset and liable to capital gains.<br> Discussion Forum - Knowledge Sharing ....