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Capital gain

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Hello friends... One of my relative has agriculture land in rural area since 1971 of Rs. 1500/-. Now he sold this land after converting from AGRICULTURE LAND to NON AGRICULTURE LAND in 2016-17 and sold out in Ten purchaser in small plot @160000/- Per Plot for use of residential purpose. it means it is a short term capital gain i just want to know that what is the cost of acquisition i will be taken for filling of income tax return. if it was fmv as on the date of conversion then from where i was get the FMV.

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Yes it's fmv as on the date of conversion. Take it from sale of such land nearby and near term.

if the year of conversion was 2005-06. then it will be treated as long term capital gain. and i will take the FMV For F.Y. 2005-06 and calculate the capital gain after indexation.


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