Sale of agriculture land converted into commercial property
This query is : Resolved
29 August 2020
Sir
Agriculture land was converted into commercial property
And sold
So it will be taxable under capital gain or business income
If it is capital gain ,exemption will be available under sec 54f for purchase/construction of residential property
Agriculture land was converted into commercial property
And sold
So it will be taxable under capital gain or business income
If it is capital gain ,exemption will be available under sec 54f for purchase/construction of residential property
30 August 2020
It will be taxable under business income. Capital gains applicable on the day of conversion.
54F exemption available for capital gains portion.
54F exemption available for capital gains portion.
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