Capital gain-agricultural land
This query is : Resolved
13 March 2012
An Rural Agricultural Land(satisfy all condtions in act) is converts into small piece of lands and sold to consrtuction of house for many numbers of people .Hence It is not sold as agricultural land we want calculate Capital gains as normal land or claims Exemptions as Rural agricultural land.
13 March 2012
Agricultural land cannot be sold as plots, so it must have been converted to non agricultural land before selling hence no question of exemption for sale of agricultural lands arises.
Since plotting is done and sold to different parties it can be treated as business since it is in the nature of adventure and taxed as business income.
Since plotting is done and sold to different parties it can be treated as business since it is in the nature of adventure and taxed as business income.
Message likes :
1 times
13 March 2012
If Treat as business income means we can claim expenditure secc 30 to 38 .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- Sales return eway bill
- Specified Profession
- GST ON DAMAGED GOODS
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
