agree with sumit
Rup Kumar
(finance manager)
(288 Points)
Replied 11 July 2011
Rural agricultural land is not a copital asset as per defination of sec 2(14), hence no capital gain arise on its transfer even through compulsory acquition.
Thanks.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 12 July 2011
| Originally posted by : devang | ||
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yeas my dear, it is liable to capital gain when there is compulsory aquisition by govt under sec 45(5) Tax treatment :- liable for tax when first compensation received form govt. |
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rahul
(student )
(27 Points)
Replied 07 August 2011
RURAL AGRICUTURE LAND IS NOT A CAPITAL ASSETS ...WHETHER IT COMPULSARY AQUIRED aLSOIT IS EXEMT U/S 10(37)
reshma
(Article)
(21 Points)
Replied 08 August 2011
yes totally agree since rural agriculcultural land is not a capital asset hence it
is not charged to capital gains tax>>>>>>>>>>>>>>
CAclubindia
