09 February 2013
A PERSON HAS AGRICULTURE LAND CONVERTED TO NA PLOT AND THEREAFTER HE WANTS TO CONSTRUCT RESIDENTIAL PROPERTY FOR PROPRIATORY BUSINESS PURPOSES IF THE LAND VALUE IS TAKEN INTO P&L A/C BUSINESS WHETHER CAPITAL GAIN TAX ATTRACTS OR NOT
11 February 2013
if for the Agriculture Land you are talking about is a under the purview of Capital Asset that is if the Agriculture Land is Capital Asset then on conversion the same becomes stock-in-trade and attracts Capital Gain but the same is liable to tax in the year when the stock-in-trade is sold
CAclubindia
