Income tax

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Yash Dave (Querist)
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09 February 2013 A PERSON HAS AGRICULTURE LAND CONVERTED TO NA PLOT AND THEREAFTER HE WANTS TO CONSTRUCT RESIDENTIAL PROPERTY FOR PROPRIATORY BUSINESS PURPOSES IF THE LAND VALUE IS TAKEN INTO P&L A/C BUSINESS WHETHER CAPITAL GAIN TAX ATTRACTS OR NOT

Soumitra Basu

Soumitra Basu (Expert)
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10 February 2013 NO CAPITAL GAIN TAX AT THE TIME OF CONVERSION BUT THE SAME WILL BE PAYBLE AT THE TIME OF SALE.

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CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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11 February 2013 if for the Agriculture Land you are talking about is a under the purview of Capital Asset that is if the Agriculture Land is Capital Asset then on conversion the same becomes stock-in-trade and attracts Capital Gain but the same is liable to tax in the year when the stock-in-trade is sold

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