Mr. Amit owns a flat. On 5-4-2020, he decides and starts a business of dealing in sale and purchse of flats. He treats this flat as a part of stock in trade for this newly commenced business. He entered into a deal of selling this flat to one of his client on 30/.3/2021 and booked a profit of Rs5 Lakhs. Discuss the term capital asset, the relevant provision applicable, implications of above transaction, provision in his hand under the relevant head of Indian Income Tax Act.

Mr. Amit owns a flat. On 5-4-2020, he decides and starts a business of dealing in sale and purchse of flats. He treats this flat as a part of stock in trade for this newly commenced business. He entered into a deal of selling this flat to one of his client on 30/.3/2021 and booked a profit of Rs5 Lakhs. Discuss the term capital asset, the relevant provision applicable, implications of above transaction, provision in his hand under the relevant head of Indian Income Tax Act.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 69P

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