Precisely wanted to understand that for rural agricultural land, which is not treated as capital asset & considered as stock in trade...
Now, in case of under value registration, tax treatment will be:
For seller: No gain tax on rural agricultural land
For buyer: How will be the tax tax treatment on difference of circle rate & registration value ??
will this be taken as, now stock in trade (rural agricultural land) is getting transferred to buyer ?
Tax will be applicable ? difference of circle rate & registration value will be taken as income from other sources ?
if any change in area what we will do?
thanks for........................xlnt classss