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Income tax
sir my friend purchased agriculture land one acer in 2013, for Rs.200000/- known in 2019 he has converted in to non agriculture land , he started venture sales of plot , approximately value 1500000/- in income tax we have to show bussing income or long-term capital gains
Replies (3)
Till conversion from capital asset to stock in trade you need to show it as your capital gain after conversion it is stock in hand thus taxable as business income.
Agree with Mr. Abhay Sir. Once the Agriculture land is converted into stock-in-trade, it needs to be shown as Business Income.
First we have to pay long term capital gains
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