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Capital Gain to Agricultural land

Tax queries 337 views 4 replies
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b com
71 Points Posted on 07 October 2016
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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On 07 October 2016 at 22:33 Report
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Chartered Accountant
8487 Points Posted on 07 October 2016
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.
85 Reply
On 07 October 2016 at 22:48
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Chartered Accountant
8487 Points Posted on 07 October 2016
Fair market value of the asset, on the da
85 Reply
On 07 October 2016 at 22:49
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Chartered Accountant
8487 Points Posted on 07 October 2016
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.
85 Reply
On 07 October 2016 at 22:51
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partener
42 Points Posted on 16 January 2017

FMV of Agriculture land or non agriculture land should be taken?

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On 16 January 2017 at 13:16


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