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.
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
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- REGARDING SECTION 44AE
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
