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Acquisition by Government

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 January 2011 Compensation recd from govt. on compulsary acquisition by govt. is taxable or not?
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
08 January 2011 Taxable, exempt only in case of agricultural land as defined in the Income Tax Act,1961
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Guest

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Guest (Expert)
08 January 2011 yes, it is taxable except in case of agriculture land
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