Tax treatment of sell of plots developed from converted land

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Querist : Anonymous

Querist : Anonymous (Querist)

10 July 2018 My client has bought one agricultural Land in F.Y. 2017-18, he than converted the same & developed into 18 Plots. He sold 3 plots from the same in F.Y. 17-18 only.

What would be the income tax treatment of the same. Can I show this income u/s 44AD??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 July 2018 Yes 44AD can be opted if turnover is within 2 crores.

Querist : Anonymous

Querist : Anonymous (Querist)

10 July 2018 But as the client sold capital asset don't we require to show capital gain??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 July 2018 Buying land and developing it into plot and selling the plot is business assets not capital asset

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Tax treatment of sell of plots developed from converted land

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