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.
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