Tax laiabilites
This query is : Resolved
iakhan ishrat ali khan
(Querist)
25 May 2013
our assesse has received an agriculture land as grant from his parents and he is selling that in Plot
now how can calculate his taxable income
now how can calculate his taxable income
CA Harish Suwalka
(Expert)
25 May 2013
if he is selling the agricultural land, than no income tax liability arises.
CA Harish Suwalka
(Expert)
25 May 2013
But if he is getting the land converted into Non agricultral and than selling it than the cost to his father will be treated as his cost, and conversion charges can also be claimed as cost of improvement, both these costs (after proper indexation ) will be deducted from the net consideration and the balance will be the income chargeble under the head "Capital gain"
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