Determining Fair Market Value for Capital Gains Tax on Land Converted from Agricultural to Non-Agricultural Use.

Determining Fair Market Value for Capital Gains Tax on Land Converted from Agricultural to Non-Agricultural Use. https://www.taxtmi.com/highlights?id=74320 Capital gain - Valuation - FMV determination - Conversion of agriculture land - reference to DVO - CIT(A) has correctly observed that the land sold in current year is non-agricultural land but the land was agricultural land as on 01-04-1981 and therefore cost of land as on 01-04-1981 cannot be determined based on sale rate of non-agricultural land for the current year and thereafter applying reverse formula thereon. - AT en-us Mon, 22 Jan 2024 08:25:42 +0530 Mon, 22 Jan 2024 08:25:42 +0530 TaxTMI RSS Generator Determining Fair Market Value for Capital Gains Tax on Land Converted from Agricultural to Non-Agricultural Use. https://www.taxtmi.com/highlights?id=74320 Capital gain - Valuation - FMV determination - Conversion of agriculture land - reference to DVO - CIT(A) has correctly observed that the land sold in current year is non-agricultural land but the land was agricultural land as on 01-04-1981 and therefore cost of land as on 01-04-1981 cannot be determined based on sale rate of non-agricultural land for the current year and thereafter applying reverse formula thereon. - AT Highlights Income Tax Mon, 22 Jan 2024 08:25:42 +0530 https://www.taxtmi.com/highlights?id=74320