A person buys and sells a number of vehicles in a tax year
and makes a significant amount of profit in the process.
Will such profit be taxable as capital gain?
Answers were Sorted based on User's Feedback
Answer / grace
since he regularly buys and sells it is like his business
hence taxable under PGBP
Is This Answer Correct ? | 1 Yes | 1 No |
Answer / ajoy kumar rai
NO, SUCH PROFIT WON'T TAXABLE AS CAPITAL GAIN. PROFITS
ARISING AFTER A LONG PROCESS ARE TERMED AS CAPITAL PROFITS.
FOR EX- SALE OF OLD MACHNERY, DIVIDEND ETC.
REGARDING THE QUESTION,IT SHOWS A REGULAR INCOME. THERE4
IT WILL B TREATED AS PGBP.
Is This Answer Correct ? | 1 Yes | 1 No |
Answer / harshit malviya
such profit is taxable under PGBP head as the assets are
treated as stock of business and the business of assessee
is trading in vehicles.
Is This Answer Correct ? | 1 Yes | 2 No |
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