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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?
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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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