Opinion Of Eminent Legal Luminaries On Controversial Issues

What Is The Date Of Acquisition?

QUERY: An assessee had purchased agricultural land in 1991 which was subsequently surrendered to the local authority for their development scheme in 2004. In 2012 he was allotted a plot of land for the agricultural land surrendered in 2004. What should be the date of acquisition of plot of land allotted by the local authority in 2012 and sold in 2013?
ANSWER: The date of acquisition of plot of land allotted by the local authority on surrender of agricultural land would be 2012, as section 49 r.w.s. 2(42A) of the Act would not be applicable to such case. Hence, it would be short term capital gains in the hands of assessee.

Posted in Income-tax

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