04-26-2010, 06:36 PM
Assalam o Alaikum Dear.....Yes you are right..As in your case not all the three conditions as mentioned in section 15 subsection 7 are met so the subsection 1 of section 15 shall be applicable however the rate of tax shall be Nil(0%)as you said....As far as the classification of head of Income is concerned It should be classified as capital gain because the definition of capital asset clearly mentions it with the statement " Property of any kind whether or not connected with the business"
Hope the answer of your question
Hope the answer of your question