Capital gain-agricultural land

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CA.S.KARTHIKEYAN

CA.S.KARTHIKEYAN (Querist)
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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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

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CA.S.KARTHIKEYAN

CA.S.KARTHIKEYAN (Querist)
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13 March 2012 If Treat as business income means we can claim expenditure secc 30 to 38 .

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