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Taxability on sale of sites cum villas made in agricultural lands

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(Querist)
01 July 2021 What is the taxability on sale of villas cum sites made out of non converted agricultural lands. These agricultural lands are received by way of gift from his brother for Rs.4 crores for 8 acres of land. The assessee wants to develop and sell these agricultural lands into villas along with 5 guntas/cents of land without converting them. The cost of development will be added to cost of land, our question is whether these sale proceeds are exempted (since the agricultural land is not a capital asset) or not.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
01 July 2021 The sale is not agricultural land but sale of Vilas with land, hence the sale proceeds are not exempt.
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