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Incidence of tax on conversion of land to flats and
incidence of tax on conversion of land to flats and sections of I.T. ACT
Replies (2)
U r going to going to convert your asset into stock in trade in such case stcg/ltcg is applicable till the date of conversion
Here land remains land only. There can be no conversion of it but landlord is adding values to the land by construction of flats.
Right now no incidence of tax.
But later as and when sale of flats take place, the question may arise whether it's business gain or capital gain.
Right now no incidence of tax.
But later as and when sale of flats take place, the question may arise whether it's business gain or capital gain.
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