CAPITAL GAIN ON SALE OF LAND AFTER GETTING NON AGRICULTURE STATUS

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This discussion addresses calculating capital gains tax when selling agricultural land that has been converted to non-agricultural use. A key question concerns determining the cost of acquisition for land inherited before the year 2000. The consensus is that the cost of acquisition should be based on the circle rate of the land as of 1st April 2001.

NIRMAL DAVE

NIRMAL DAVE (Querist)
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24 November 2022 Dear All

I have sold agriculture land after converting the same as Non-Agriculture.
I Got the same land in inheritance.

I want to know how to calculate capital gain on the same?

What amount can be considered as cost of acquisition if purchased before the Year 2000? Is it the value on the date of purchase of land or on the date of conversion to Non-Agriculture??

Thanks
Nirmal Dave