04 October 2015
i have agricultural land. It is situated at a distance of 8.5kms from city limits (city having pooulation of more than 10 lacs). i want to sell this land. In FY 14-15 i have converted this land as Non Agricultural land. the cost of land at the time of purchase in FY 2008-09 at Rs 10 lacs & sales value now is 25 lacs. what would be tax???
please suggest with section nos, definations & answer me in depth
04 October 2015
The distance what is quoted in the Act is NOT by road. It is arial distance.For this type of queries it is always advisable to consult a CHARTERED ACCOUNTANT or a TAX PRACTITIONER with all the copies of the documents.
CAclubindia
