28 October 2016
Dear Sir,
My client has purchased agriculture Land in 2008, after that he has converted it in Non Agriculture in year 2010.
Now in 2016 he has sold the said land.
Hence the queries are :
1. Is liable for capital Gain tax?
2. If yes, then period of holding calculated from which year?
3. Is indexaxtion applied from the 2008?
4. And all the land developmwnt expenses are allowed as deduction?
plz revert ASAP.
28 October 2016
01. Yes. It is capital asset and hence subject to capital gain tax. 02. Period of holding is from 2008...the date on which the asset was acquired. 03. Indexation is applied from 2008. 04. The expenses in connection with the transfer can be allowed. The developement expenses....please specify, so that the answer can be given
CAclubindia
