| Question And Answer | |
|---|---|
| Subject: | I am holding rural agricultural land since before 2001. Now I have converted such land as NA land and sold it. My question was which value I should consider for 2001 ? Agriculture land value or NA land Value ? |
| Category: | Income-Tax |
| Querist: | Munjal Modi |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Agricultural land, valuation |
| Date: | May 21, 2023 |
I am holding rural agricultural land since before 2001. Now I have converted such land as NA land in December 2022 and sold it in March-2023. In which amount I have to pay tax ? If I am allowed indexed cost then My question was which value I should consider for 2001 ? Agriculture land value or NA land Value ?
Circle Value of land as on 01-04-2021 is 200 Rs for Agricultural land and Rs. 1000 for Non Agricultural Land. Circle rate of NA Land as on Dec-2022 is 3550 and I have sold it at Rs. 3700 in March-2023.
You can consider the stamp duty value as on the date of conversion of the rural agricultural land to non-agricultural land and index accordingly .In case stamp duty value is not available you may get the valuation done by the Registered Valuer .
Dear Sir, Is there any case law supporting your view.