Query regarding immovable property/land Moor, Income Tax

[Jasbir Uppal]

Dear Professionals,

Kindly give your valuable opinion and judgments on the following query.

My query is that as per sec 54 of Income Tax Act, 1961 'A' person has purchased immovable property from 'B' and the status of property/land is Moor. A moor is an area of high open ground covered mainly with rough grass and heather, waste land/barren land. How will the calculation of capital gain will be applicable as per section 54 of Income Tax Act, 1961.

Regards

J S Uppal

Posts / Replies

[Lav Prajapati]

In this case

Capital gain will be compute as per section 48 of Income tax Act

Tax on capital gain will be compute as per section 112 of Income Tax Act.