Tax Treatment and Disclosure in Income Tax Returns
This query is : Resolved
18 December 2024
Agricultural Property was converted in to Non Agricultural Plots and sold piece meal plots to different buyers
In FY 23-24 out of total some part was sold and balance remains as stock
Cost of Property value Rs.1.34CR
Property value at the time of N.A Rs.1.96 CR for 12181 sq Feet
Sale value as per agreements Rs.61 L for 1812 sq feet
In the above case my question is
1) How to show this in income tax return and how much will be capital gains and business profit if both are attracted.
2) What sale amount to be shown in capital gains schedule
3) What amount and how to be shown under business profits
In FY 23-24 out of total some part was sold and balance remains as stock
Cost of Property value Rs.1.34CR
Property value at the time of N.A Rs.1.96 CR for 12181 sq Feet
Sale value as per agreements Rs.61 L for 1812 sq feet
In the above case my question is
1) How to show this in income tax return and how much will be capital gains and business profit if both are attracted.
2) What sale amount to be shown in capital gains schedule
3) What amount and how to be shown under business profits
19 December 2024
Consider capital gain till date of NA conversion. Then convert it to stock in trade at FMV. Any gain there after will be business profit.
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