Income from Selling Converted Agricultural Land is Taxable as Trade u/s 45(2) of Income Tax Act.

Income from Selling Converted Agricultural Land is Taxable as Trade u/s 45(2) of Income Tax Act. https://www.taxtmi.com/highlights?id=39366 Sale of agriculture land after converting into plots - once this was an adventure in nature of trade and income is to be taxed as per the provisions of Section 45(2) of the Act. The capital gain shall be worked out on the date of conversion of agricultural land to the ‘stock in trade’ and then only work out the profit and gain of business. - AT en-us Fri, 11 May 2018 11:26:55 +0530 Fri, 11 May 2018 11:26:55 +0530 TaxTMI RSS Generator Income from Selling Converted Agricultural Land is Taxable as Trade u/s 45(2) of Income Tax Act. https://www.taxtmi.com/highlights?id=39366 Sale of agriculture land after converting into plots - once this was an adventure in nature of trade and income is to be taxed as per the provisions of Section 45(2) of the Act. The capital gain shall be worked out on the date of conversion of agricultural land to the ‘stock in trade’ and then only work out the profit and gain of business. - AT Highlights Income Tax Fri, 11 May 2018 11:26:55 +0530 https://www.taxtmi.com/highlights?id=39366