Conversion of agricultural land to business stock
This query is : Resolved
27 October 2013
How to calculate capital gain if assessee has converted agricultural land to business stock. how we can obtain market value as on date of conversion as it is not available in land document?
27 October 2013
Capital gain will be calculated on the basis of price at which land is sold & price at which agriculture land is converted into non agriculture land. Government Rate for non agriculture land at the time of conversion will be the determining factor to book land as business stock.
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