MY FATHER CONVERETED LAND AGRICULTURLA LAND INTO SITE. WHILE REGD DOUCMENT HE MADE ME AS PARTY AND ALLOAATED 12 SITES . I HAVE NOT SOLD ANY SITE NO. THE ITO PROPOSING TO LEVY INCOME TAX. IAM NOT A REAL ESTASTE BUSINESS PERSON. THE ITO IS LEVYING CAPITAL GAIN TAX ON CONVERSION PLEASE GUIDE ME WHETHRE I AM LIABLE FOR TAX IF SO WHAT IS TAX RATE. WHAT IS COST OF PURCHASE IN MY CASE
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Conversion of agriculturala land into site
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capital gain will be levied only during the year of sale
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