Capital gain
This query is : Resolved
narayan jat
(Querist)
01 June 2019
Dear expert,
Urban development authority acquired agriculture land of my client and for this he gave plot in city. whether this transaction is taxable in capital gain. if yes what is sale consideration of this transaction.
later on my client sold this plot. what is the cost of acquisition of this plot.
Urban development authority acquired agriculture land of my client and for this he gave plot in city. whether this transaction is taxable in capital gain. if yes what is sale consideration of this transaction.
later on my client sold this plot. what is the cost of acquisition of this plot.
CA R SEETHARAMAN
(Expert)
02 June 2019
No capital gain tax payable on compulsory acquisition of agricultural land.
The cost for the plot will be the market vale as on the date of receipt of plot.
The cost for the plot will be the market vale as on the date of receipt of plot.
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