Capital gain taxability
This query is : Resolved
04 August 2020
I have purchased agriculture land on 29.08.2012. I converted agriculture land to non agriculture land in 2017-18 as on 23.10.2017. after conversion I sold this land on 16.07.2019. what will be capital gain liability?
04 August 2020
Capital Gain Tax Liability as per normal provision no exemption will be claimed for agricultural land,
The cost of conversion of land from Agricultural to Non-Agri Shall be treated as part of cost of Improvement.
The cost of conversion of land from Agricultural to Non-Agri Shall be treated as part of cost of Improvement.
04 August 2020
What will be period of holding and cost of acquisition ?
09 August 2020
Since it has been kept for less then 3 years it will be considered as Short Term Capital gain.
https://cleartax.in/s/capital-gains-exemption-on-sale-of-land
https://cleartax.in/s/capital-gains-exemption-on-sale-of-land
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