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?
Menu
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?
Recent Topics :
- Revising salary on 24Q Q4 FY 25-26
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
- GIFT REGARDING
- TDS on salary to non resident managing director
- Ewaybill and Transport documents (Lorry receipt)
- LTCG on sale of Builder Buyer Agreement
- Rule 13(2)(h) and valuation of CCDs
- Leave encashment, New labour code, Management cadr
- GST clarification needed:
Related Topics :
CAclubindia
