Cg fro agri land

Save Share

This query is : Resolved

Kumaresan Grad CWA (Querist)
Follow

06 August 2012 hi frens,

an assessee purchase an agri. land which is away from 8 kms municipal limit and sold the land by constructing residential plot in the same.whether capital gain arises for such sale transactions??? pls reply....

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

06 August 2012 1. Ther are 2 conditions... 8kms is satisfied ... what about 10000 population. If any one is satisfied, it is a capital asset and hance not exempt. 02. The very activity of plotting is regarded as business activity. So be alert and cautious.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now