Capital Gains
This query is : Open
22 December 2020
Respected Sir,
I need clarification on taxability of the following:
I have agricultural land and i gave the same for development.
In return the developer has given me 8Flats and i sold the same.
Now whether the capital gains attract in this case as the flats are sold by farmer and what will be the cost of acquisition.
Along with cost of land whether we have to add any other.
As agricultural land is not a capital asset shall we mention the same and avoid capital gains tax.
Please guide
I need clarification on taxability of the following:
I have agricultural land and i gave the same for development.
In return the developer has given me 8Flats and i sold the same.
Now whether the capital gains attract in this case as the flats are sold by farmer and what will be the cost of acquisition.
Along with cost of land whether we have to add any other.
As agricultural land is not a capital asset shall we mention the same and avoid capital gains tax.
Please guide
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