Capital gain tax on non agri land

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2016 I HAVE RECEIVED INHERITANCE AGRICULTURE LAND IN 2005 AND AFTER THAT I HAVE CONVERTED TO NON AGRICULTURE LAND IN 2015 AND I WANT TO SALE THIS NON AGRI LAND.

MY QUESTION IS ???????

1) WHAT THE COST OF ACQUISITION ????
AND
2) HOW THE CAPITAL GAIN TAX PROVISION APPLICABLE ON THIS TRANSACTION????

Amol S Joglekar

Amol S Joglekar (Expert)
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15 December 2016 01. You have the option to replace the cost to the previous owner. If the property is beyond 1981, you can replace the value as on 1/4/1981 as cost of acquisition.
02. It will be treated a long term capital gain. Yoou can have the benefits of indexation

Message likes : 1 times

Expert : Anonymous

Expert : Anonymous (Expert)

15 December 2016 Agreed with Amol Sir.

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