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Land Sale by Co-Owners Is Capital Gain, Not Business Income: No Trade Adventure in Joint Plot Sale.
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....Nature of sale of land - adventure in the nature of trade or not - The very fact that each co-owner separately purchases their lands but only combined for the purpose of sale, does not show any element of carrying out any business for joint profits. - To be taxed as capital gain only.....
TaxTMI
TaxTMI