Income tax
This query is : Resolved
09 February 2013
A PERSON HAS AGRICULTURE LAND CONVERTED TO NA PLOT HE WANTS TO CONSTRUCT RESIDENTIAL PROPERTY WHAT WILL BE EFFECT IN INCOME TAX IF TAKE LAND IN PROFIT & LOSS A/C WHETHER CAPITAL GAIN WILL ARISE AND WHAT WILL BE THE EFFECT IF HE DO NOT TAKE LAND IN PROFIT LOSS
PLEASE ADVICE
PLEASE ADVICE
09 February 2013
Your query in not clear,
if the assessee uses the construct the residential property on the agricultural land then, it does not mean that there is a "Transfer" as per the Income tax act, therefore there is not capital gains will arise. There is no question arise of taking land in profit and loss account.
if the assessee uses the construct the residential property on the agricultural land then, it does not mean that there is a "Transfer" as per the Income tax act, therefore there is not capital gains will arise. There is no question arise of taking land in profit and loss account.
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