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
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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