Capital gain on sale of converted agriculture land to non ag
This query is : Resolved
SUMIT JAIN
(Querist)
27 December 2012
dear sir,
in respect of the above subject suppose mr.x has agriculture land from last 40 years & now he sale the land after converted it into non agriculture land.
-sale price is rs.3,15,00,000(sale took place after development)
-agriculture land value is rs.2,00,000 before year 1981
-n.a made in year 2012
-n.a charges rs.10,00,000
-developing charges rs.1,00,00,000(in year 2012)
what is the capital gain & business income?what is tax planning for that?
in respect of the above subject suppose mr.x has agriculture land from last 40 years & now he sale the land after converted it into non agriculture land.
-sale price is rs.3,15,00,000(sale took place after development)
-agriculture land value is rs.2,00,000 before year 1981
-n.a made in year 2012
-n.a charges rs.10,00,000
-developing charges rs.1,00,00,000(in year 2012)
what is the capital gain & business income?what is tax planning for that?
Rupesh Jain
(Expert)
03 January 2013
if you sell it as agriculture land (not in urban area) all profit will be tax free.
after development you may calculate business
income/capital gain after taking indexed cost of all exp.
whiche ever is beneficial for you
after development you may calculate business
income/capital gain after taking indexed cost of all exp.
whiche ever is beneficial for you
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