Answers On Topic: conversion
Rural agricultural land has been held as such since last 10 years and agriculture activity carried upon. During the previous year the said land was converted to NA and then immediately sold within 3 months. Whether the conversion or sale thereof will attract Income tax. Is the exemption for rural agricultural land still available post conversion to NA? if taxable, then Capital gains or business? )this is a one only transaction, the assessed is retired sr citizen.
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A Private limited is intending to convert into LLP , with same economic interest of share holder and partner . Will there be any capital gain tax in the hands of shareholder upon surrender of shares and getting capital in LLP.
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Sale of rural agricultural land