Durafon (P) Ltd., engaged in the steel industry, acquired a vacant piece of land on 15th May 2018. The company sold the said land in December 2020. The profit earned on the sale of vacant land of ₹ 10 lakh shall be taxable as:

Question:Durafon (P) Ltd., engaged in the steel industry, acquired a vacant piece of land on 15th May 2018. The company sold the said land in December 2020. The profit earned on the sale of vacant land of ₹ 10 lakh shall be taxable as:

1.Business income

2. Income from other sources

3.Short term capital gain

4.Long term capital gain


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