Tax on agriculture land converted in to n. a
This query is : Resolved
21 May 2019
One Individual Has an agriculture land which converted by him as Non Agriculture Land. Now on that Non agriculture Land he want Construct the Complex(building) and want to sale Individual shop out of that Complex.
is there any applicability of Capital gain ?? or Directly Income tax on Net Profit after sale of Shops ??
is there any applicability of Capital gain ?? or Directly Income tax on Net Profit after sale of Shops ??
22 May 2019
Where assessee converted agricultural land into state stock of residential plots then the assessee was liable to pay tax as per section 45(2). The fair market value of the asset on the date of conversion as reduced by the cost of acquisition is required to be assessed under the head Capital gains in the year(s) the stock-in-trade was sold/transferred.
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