Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2013 sir i have a one acre agricultural land, this land will given by my father around 25 years back and last one month back it converted into non agricultural land and sold by plots. i have pay any tax to government, i am not filling income tax return. give me reply to me as early as possable

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 January 2013 The gain on sale of agricultural land converted into house plots is capital gain or business income is a vexed issue. My understanding is ,it is a business income on which income tax has to be paid.

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