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TMI BlogLong term capital GainX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or Long Term Capital Gain. - Reply By CA GOPALJI AGRAWAL - The Reply = It would be Long term capital gain unless the assessee has been doing the business of lands. - Reply By Mritunjay Kumar - The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply = Dear Mr. Reddy, The period of 3 years becomes irrelevant, if the person is engaged in the business of land (sale/purchase). For this purpose surrounding circumstances to be seen. i.e. whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assesse has been involved in other sale/purchase of lands and other circumstances that are surrounding. If this is the sole case of sale of land and no such transaction has taken place in the nea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rby time, then even if the sale of this land is made within 6 months instead of 3 years, then also the income from it will fall under the head capital gains. - Long term capital Gain - Query Started ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... By: - Pullikalu venkateswara reddy Dated:- 8-1-2014 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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