Answers On Topic: capital asset
Assessee individual and is owner of Agricultural land which is urban agricultural land and is desire is contribute for joint development, whether provisions of sec. 45(5A) will be applicable, if other conditions of Sec. 45(5A) are complied.
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Ancestral Urban Agri. Land had been converted into NA Land in FY 2017-18 and ultimately sold in FY 2021-22. For the purpose of computing capital gains, while determining COA as on 01-04-2001, whose FMV is to be taken - i.e. applicable to Urban Agri. Land or NA Land? Also whether is it possible to take COA as on the date the Urban Agri. Land was converted to NA Land? Thanks.
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Sec. 45(5A)