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conversion of agricultural land

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 January 2011 Will conversion of agricultural land to non-agricultural land within 3yrs of purchase withdraw the exemption claimed under Sec 54B?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
25 January 2011 Conversion of agriculture land into non-agriculture land does not amount to transfer u/s 2(47).
As such exemption will not be withdrawn.
If the converted Agriculture land after conversion is treated as stock in trade of a business, then it will be called a transfer.
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Ratan Sharma

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Ratan Sharma (Expert)
25 January 2011 Agree with expert.
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