Opinion Of Eminent Legal Luminaries On Controversial Issues

What Is The Date Of Acquisition Of Plot?

QUERY: The piece of agricultural land owned by the assessees is surrendered to Govt. urban land improvement authorities under land for land scheme. The plot is allotted after 2-3 years. What should be the date of acquisition for such plot received on surrender, for treatment of capital gain at the time of sale
ANSWER: For the purpose of capital gain at the time of sale of allotted plot, the date of allotment of plot would be considered as date of acquisition.

Posted in Income-tax

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