I had converted Agricultural Land into Stock in trade and sold all the plot
whether Capital gain will liable and sales of converted plot is Income from Bunessan or not?
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Capital Gain to Agricultural land
Replies (4)
If it's rural agricultural land, then capital gain will not arise. But, if it's urban agricultural land, then capital gain will arise in the year in which the converted asset is sold or transferred.
Fair market value of the asset, on the da
Fair market value of the asset on the date of conversion shall be deemed to be full value of consideration for capital gain purpose. And the sale price minus market value as on the date of conversion shall be treated as business income.
FMV of Agriculture land or non agriculture land should be taken?
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