Tax Treatment and Disclosure in Income Tax Returns
This query is : Resolved
MAKARAND DAMLE
(Querist)
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
Dhirajlal Rambhia
(Expert)
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.
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Tax on Amount transferred in HUF Account
- ETDS return q4 25-26
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
