Conversion of capital asset (agr land) to business
This query is : Resolved
07 April 2015
I have urban agr land purchased 20 years ago which is being cultivated consistently. Now I have converted for residens and sold.
whether I can opt for exeption u.s 54B.
08 April 2015
Once, you convert your agricultural land into residents, it will become stock-in-trade. The income arises out of sale of such residence, will be computed as 'Business Income".
You can not get any benefit under capital gain provisions.
You can not get any benefit under capital gain provisions.
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