conversion of agricultural land
This query is : Resolved
Querist : Anonymous
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?
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As such exemption will not be withdrawn.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.
As such exemption will not be withdrawn.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.
Message likes :
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Ratan Sharma
(Expert)
25 January 2011
Agree with expert.
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