Tax treatment of sell of plots developed from converted land
This query is : Resolved
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??
What would be the income tax treatment of the same. Can I show this income u/s 44AD??
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??
10 July 2018
Buying land and developing it into plot and selling the plot is business assets not capital asset
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