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Income from sell of land is capital gain, if purchase and sell of land is not the business of Assessee
Case Law Details
- Case Name
- CIT Vs Ms Vidya Thangakumar (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Madras High Court
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Brief of the case:
Madras High Court held in CIT Vs Ms Vidya Thangakumar that it would vary from case to case that whether the land in the hand of assessee is a capital asset or business stock. In the present case the assessee had got the land under settlement and it had to sell the land, it was not the business of the assessee to purchase and sell the land. So the income from selling the land would be taxable under head capital gain.
Facts of the case:
The assessee got the land under settlement which was sold over the period of 3 years in the form of undivided share so the CITA(A) was of the ...
