if a person sells his domestic tvset at a profit will it be considered as a business ? also explain yje characteristic of business which is being stressed upon in the above example
No, if a person sells his domestic TV set at a profit, then it would not be considered as business. This characteristic of business which is being stressed upon here is 'Regular basis'. This character specifies that incurring a single or a few transations for the purpose of earning profits would not be considered as a business. Rather, a business involves exchange transactions on regular basis.