I had converted Agricultural Land into Stock in trade and sold all the plot
whether Capital gain will liable and sales of converted plot is Income from Bunessan or not?
4 Replies
CA Saba Naaz
(Chartered Accountant)
(8487 Points)
Replied 07 October 2016
If it's rural agricultural land, then capital gain will not arise. But, if it's urban agricultural land, then capital gain will arise in the year in which the converted asset is sold or transferred.
CA Saba Naaz
(Chartered Accountant)
(8487 Points)
Replied 07 October 2016
Fair market value of the asset, on the da
CA Saba Naaz
(Chartered Accountant)
(8487 Points)
Replied 07 October 2016
Fair market value of the asset on the date of conversion shall be deemed to be full value of consideration for capital gain purpose. And the sale price minus market value as on the date of conversion shall be treated as business income.
rajpal jaju
(partener)
(42 Points)
Replied 16 January 2017
FMV of Agriculture land or non agriculture land should be taken?
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