conversion of ancestral agriculture land into non agriculture ?

POSTED BY subhaschandrac ON November 20, 2013 12:56 pm ONE COMMENT

I intends to convert ancestral agriculture land into non agriculture for the purpose of laying residential layout and sell the plots so formed

will you please throw some light as to How the proceeds from sale of plots is treated for the purpose of income tax

One reply on this article “conversion of ancestral agriculture land into non agriculture ?”

  1. ashalanshu says:

    Dear Subhash, from taxation point it ‘ll be LTCG for you post conversion from Agri. to NA.

    thanks

    Ashal

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