Income tax
This query is : Resolved
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
(Expert)
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
(Expert)
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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