Durafon (P.) Ltd., engaged in steel industry, acquired a vacant piece of land on 15th May, 2016. The company sold the said land in December, 2018. The profit earned on sale of vacant land of X 10 lakh shall be taxable as:
A. Business Income
B. Income from other sources
C. Short term Capital Gain
D. Long term Capital Gain
Answer:D
Durafon (P.) Ltd., engaged in steel industry, acquired a vacant piece of land on 15th May, 2016. The company sold the said land in December, 2018. The profit earned on sale of vacant land of X 10 lakh shall be taxable as:
A. Business Income B. Income from other sources C. Short term Capital Gain D. Long term Capital Gain