Page 10 - PowerPoint Presentation
P. 10
Gross Income
• In deciding whether a receipt is income or
capital in nature is the intention of the taxpayer.
• Generally the proceeds is income in nature if
you acquired with an intention to sale it.
• If you acquired an asset with an intention to
earn rent, interest etc. The asset is capital in
nature.
• Change of intentions.
• Intention of a company.
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