Capital gain tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 April 2018
I had a agricultural land in city limits. I converted(into plots) my agricultural land into stock in trade and sold such plots.
Capital gain due to conversion of land into stock in trade was invested as per Section 54b. I purchased new agricultural land with whole capital gain.
Does my investment as per Sec 54B is in line with income tax act or ITO will disqualify such investment.?
Capital gain due to conversion of land into stock in trade was invested as per Section 54b. I purchased new agricultural land with whole capital gain.
Does my investment as per Sec 54B is in line with income tax act or ITO will disqualify such investment.?
Nikhil Kaushik
(Expert)
17 April 2018
not sure if 54B applies to you if the nature of original land was changed to Non-agriculture land.
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