16 January 2017
Sir, My client is having urban agriculture land, which was done NA in FY 2014-15 (which is considered as date of conversion into stock in trade) for plotting site. According the section 45(2) there is requirement of FMV of asset as on date of conversion.
My query is FMV should be of agriculture land or Non-agriculture land to be taken for capital gain calculations?
CAclubindia
