Capital gain on agri income
This query is : Resolved
26 March 2014
ONE OF MY CLIENT HAS SOLD AGRI LAND (PURE NON CAPITAL ASSET) TO PVT. LTD. CO.
AS ONE OF THE CONDITION OF SALE SELLER HAS TO MAKE LAND NON AGRI BEFORE THE SALE DEED IS EXECUTED.
NOW MY Q IS : IS THIS AGRI LAND IS CAPTIAL ASSETS AND GAIN IS TAXABLE UNDER THE INCOEM TAX ACT.
AS ONE OF THE CONDITION OF SALE SELLER HAS TO MAKE LAND NON AGRI BEFORE THE SALE DEED IS EXECUTED.
NOW MY Q IS : IS THIS AGRI LAND IS CAPTIAL ASSETS AND GAIN IS TAXABLE UNDER THE INCOEM TAX ACT.
26 March 2014
well once you convert it, it wont be treated as agriculture land. and accordingly shall be taxed as capital gains.
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