banner_ad

Income Tax liability.

This query is : Resolved 
Profile Image

Profile Image

(Querist)
31 May 2020 Hello Sir,
What will be Income Tax liability when heritage agriculture land converted in to non agricultuure land and sale made of that non agriculture land.
And what will be cost of that heritage agriculture land.
Who is responsible to pay Income Tax if any and who is responsible to file Income Tax Return.
Profile Image

c.bakshi

Profile Image

c.bakshi (Expert)
01 June 2020 the cost to previous owner will be taken as cost of acquisition and if it is acquired before 1.4.2001, then the FMV as on 1.4.2001 and actual cost to previous owner whichever is higher is taken as cost of acquisition. the person whose name the property exist will be responsible to file itr and pay taxes if any
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details