{"id":28218,"date":"2022-07-09T12:59:14","date_gmt":"2022-07-09T07:29:14","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=28218"},"modified":"2022-07-13T13:56:19","modified_gmt":"2022-07-13T08:26:19","slug":"taxability-of-sale-of-land-and-consideration-in-kind","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/taxability-of-sale-of-land-and-consideration-in-kind\/","title":{"rendered":"Taxability of sale of land and consideration in kind"},"content":{"rendered":"<p>Assessee is private limited co , engaged in the business of construction and development of real estate project. the co hold two lands one is considered as stock in trade and another land is shown as investment which was purchased eight years bank.<\/p>\n<p>Now assessee co has decided to sold both the lands and accordingly executed the conveyance deed\u00a0 against the consideration to be received in form of constructed area after 24 months.\u00a0 The assesee co has also hand over the possession of the said land to the buyer of the land.<\/p>\n<p>consultant of the Purchaser is saying the tax liability in the hands of the co will be at the time when the possession of the constructed area will be given by him and not on the day of execution of registered conveyance deed.<\/p>\n<p>How the income has be recognized for business and profession and also under Capital gains .\u00a0 \u00a0whether the opinion of consultant of purchaser is correct.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[175,24,642,352],"class_list":["post-28218","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-business-income","qa_tag-capital-gains","qa_tag-consideration-in-kind","qa_tag-sale-of-land"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/28218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=28218"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=28218"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=28218"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=28218"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=28218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}