Sale of agricultural land
This query is : Resolved
15 April 2013
An individual Mr.A sale his AGRICULTURAL LAND to a listed Company and received consideration in two ways.
1. Consideration as per the Govt. rate(i.e. Stamp Value) and
2. Land development cost
is the land development cost received by the seller chargeable to tax.
1. Consideration as per the Govt. rate(i.e. Stamp Value) and
2. Land development cost
is the land development cost received by the seller chargeable to tax.
15 April 2013
Definitely, it is chargeable to tax.
.
However, the nature of the development cost
itself will decide the head of Income under which it will be covered.
.
Definitely, it is chargeable to tax.
.
However, the nature of the development cost
itself will decide the head of Income under which it will be covered.
.
16 April 2013
Thank you Sir for your quick reply.
Please mention what are the possible nature of development cost.
Please mention what are the possible nature of development cost.
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