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Sale of agriculture land converted into commercial property

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(Querist)
29 August 2020 Sir
Agriculture land was converted into commercial property
And sold
So it will be taxable under capital gain or business income

If it is capital gain ,exemption will be available under sec 54f for purchase/construction of residential property
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CA R SEETHARAMAN online

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CA R SEETHARAMAN online (Expert)
30 August 2020 It will be taxable under business income. Capital gains applicable on the day of conversion.
54F exemption available for capital gains portion.

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