Tax Implications
I purchased a agricultural land in a rural area in June 2007 converted into non agricultural land after 1 year from the date of purchase and sold the same land in previous year 2010-11 and earned profit...
What will be the tax implications on it.
1. Will it be short term capital gain or long term capital gain.
2. From which date will the short term or long term period start i.e date on which it is converted into non agricultural land or the date of the initial purchase respectively.
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