I have recently sold agriculture land after converted into non agriculture at the time of sale of land....agriculture land received in heritage what is cost of acquisition for such land? as per 2001 CII?
and it is consider for agriculture land or non agriculture land?
first of all we need to what kind of agricultural land it is\•
if rural agricultural land then fully exempt does not matter conversion concept.
however if it was urban agricultural land then it was fully taxable and also you could claim exemption u/s54B
but now in such a case I assumed it is urban agricultural land and conversion made.
then in such a case you are not eligible to claim exemption u/s54B ......
CAclubindia
