Stock in trade

This query is : Open

Ajay (Querist)
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28 June 2013 Mr.X deals in land.. land development business.
as such land is his SIT

Mr. x sell a land (shown as SIT in books) which is agriculture land as per Income Tax.

Can Mr.x divide his SIT in two part
1. Agriculture Land ( Exempt)
2. Other Land

and can exemption.

TKKKKKK

TKKKKKK (Expert)
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28 June 2013 ya he can show...

Ajay

Ajay (Querist)
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29 June 2013 thanks for ur kind suggestion..

i repeat u r saying.. even if i m treating agriculture land as stock in trade.. i can claim it as exepmt income.. frm agrl land

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