Capital gain taxability

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MOHAMMED ZARIF KHAN (Querist)
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04 August 2020 I have purchased agriculture land on 29.08.2012. I converted agriculture land to non agriculture land in 2017-18 as on 23.10.2017. after conversion I sold this land on 16.07.2019. what will be capital gain liability?

Harshit Bangar

Harshit Bangar (Expert)
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04 August 2020 Capital Gain Tax Liability as per normal provision no exemption will be claimed for agricultural land,
The cost of conversion of land from Agricultural to Non-Agri Shall be treated as part of cost of Improvement.

MOHAMMED ZARIF KHAN

MOHAMMED ZARIF KHAN (Querist)
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04 August 2020 What will be period of holding and cost of acquisition ?

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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09 August 2020 Since it has been kept for less then 3 years it will be considered as Short Term Capital gain.

https://cleartax.in/s/capital-gains-exemption-on-sale-of-land

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