Regarding applicability of head
This query is : Resolved
12 November 2024
If assessee had agriculture income in inheritance, then such agriculture land converted into non-agriculture land i.e. commercial land and make his sub plots and sale to others, so what is treatment of such income arise on sale whether capital gain applicable in such case or consider in PGBP, if considered in PGBP, then how to provide effect in that i.e. Treat as direct income under Trading account or treat as indirect income in P&L Account?
12 November 2024
Generally it is assessed under Capital Gain.
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