09-23-2003, 10:03 PM
A salaried person purchases a house for own residence and then re-sells it after a few months as a good offer is received.Is this Profit on reselling considered as taxable income?. If YES under what section/clause?.If NO then further consider the following example.
The same person buys a new house and a few months latter he again receives a good offer for the second home and re-sells it at a handsome profit. In this situation as he has resold 2 properties at profit wikk this be considered as business ets? and chargeable to tax along with the profit from first transaction?.
The same person buys a new house and a few months latter he again receives a good offer for the second home and re-sells it at a handsome profit. In this situation as he has resold 2 properties at profit wikk this be considered as business ets? and chargeable to tax along with the profit from first transaction?.
