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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?

Answers were Sorted based on User's Feedback



A person buys and sells a number of vehicles in a tax year and makes a significant amount of profi..

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

A person buys and sells a number of vehicles in a tax year and makes a significant amount of profi..

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

A person buys and sells a number of vehicles in a tax year and makes a significant amount of profi..

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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