Dear all,
I sold the Agricultural land in the year 2010 for a consideration of Rs. 40,00,000/- to Mr. A and entered into Sale-cum-GPA and accordingly received the consideration of Rs. 40 lakhs. Subsequntly Mr. A sold them for Rs. 1,00,00,000/- to various persons. a) Need I pay the tax for the transactions held by Mr.A. (in these case Mr.A sold the property as Commercial Property.
b) What is the tax burden if Mr. A converted the said land into residential Plots in the year 2017 and sold them for a higher sale consideration.
Kondly guide me. Urgent Please.
CAclubindia
