Capital gain on ancestrial property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 February 2011
Sir,
Assessee has a joint family with his brother.In that case assessee received his share from acestrial agricultural land and befir selling of land assessee change land use from agriculture to residential and also incurred delopment expenditure.
1.In that case taxability of capital gain arise or not.
2.if taxability arise then calculation of capital gain individually or jontly.
3. can assessee take the benifit of exempted income under agriculture land (beyond the limit of muincipal limit)
Assessee has a joint family with his brother.In that case assessee received his share from acestrial agricultural land and befir selling of land assessee change land use from agriculture to residential and also incurred delopment expenditure.
1.In that case taxability of capital gain arise or not.
2.if taxability arise then calculation of capital gain individually or jontly.
3. can assessee take the benifit of exempted income under agriculture land (beyond the limit of muincipal limit)
CA PARAS BAFNA
(Expert)
14 February 2011
An agriculture land situated beyond the municipal limit is not a Capital Asset.
*
It must be used for agriculture purpose before not more than 2 years of its conversion.
*
In that case no capital gain would arise on conversion of such land.
*
The market value as on conversion date will be its cost for the purpose of calculating business profits from sell of developed plots or land.
*
It must be used for agriculture purpose before not more than 2 years of its conversion.
*
In that case no capital gain would arise on conversion of such land.
*
The market value as on conversion date will be its cost for the purpose of calculating business profits from sell of developed plots or land.
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