31 May 2020
Hello Sir, What will be Income Tax liability when heritage agriculture land converted in to non agricultuure land and sale made of that non agriculture land. And what will be cost of that heritage agriculture land. Who is responsible to pay Income Tax if any and who is responsible to file Income Tax Return.
01 June 2020
the cost to previous owner will be taken as cost of acquisition and if it is acquired before 1.4.2001, then the FMV as on 1.4.2001 and actual cost to previous owner whichever is higher is taken as cost of acquisition. the person whose name the property exist will be responsible to file itr and pay taxes if any
CAclubindia
