Capital gain on sale of agriculture land after NA conversation

Query on Agriculture land sold after NA
1.Agreement to sale done on 1/2/2012 Rs. 5lacs receipt through cheque
2.Agriculture land converted to NA 2022
3. Land sold in 2023
Query
a. Valuation of 2001 for cost to done as agriculture land or na land?
b. Stamp value to be taken of 2012 or 2023?
Replies (3)
Quick Summary
This discussion addresses capital gains tax implications for agricultural land that was later converted to non-agricultural (NA) status. The core questions revolve around determining the correct valuation date for calculating the cost of the land – whether it should be based on its agricultural value in 2012 or its NA value in 2022. Additionally, clarification is sought on which stamp duty value to use for the calculation, specifically whether it should be from the initial sale agreement in 2012 or the later sale in 2023.

1. Agricultural land.

2. Cost of improvement during 2012 to 2023.

3. FMV as of 2023.

First consideration received in 2012 there imo that jantri rate of 2012 must be taken

No. Possession given in 2023.

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