Sir, i owned 4 acres of ancestral land of which 2 acres land was converted as NA and developed by me in 2018. In that developed land i sold 02 plots for Rs 30,00,000/-.
Now my question is what all are the exemptions i can sought while paying capital gain of the said property. What should I mention cost of acquisition of said ancestral land....
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capital gain
Replies (3)
selling of 2 plots , do you mean to say you had done some construction on the land and built the building
No sir, i didn't do any construction, i only developed some roads and drainage system and demarcated 40 plots, Out of that 40 plots i sold 02 plots on 02 Mar 2019
please advice if you wud be carrying on the business of developing and selling plots. If yes then capital gains would arise on conversion of capital gains into stock under section 45.
Read the full section 45 for better understanding.
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