Capital gain

20 August 2019
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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Click to Talk 20 August 2019
Yes it's fmv as on the date of conversion. Take it from sale of such land nearby and near term.

sunil (Querist)
20 August 2019
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.


Click to Talk 20 August 2019

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