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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Copyright software
- Transporter Declaration form
- Multiple trade mark
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- LC charges in relation to Asset purchased should be Capitalised ?
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- Tds UNDER SECTION 195 INTEREST PAID TO NRI DIRECTOR
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
