Ag compulsory acquisition


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Querist : Anonymous

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Querist : Anonymous (Querist)
07 August 2012 is receipt received from the compulsory acquit-ion of agriculture land is the capital recepit & is exempt from 10[37] ,is this receipt is added to determine the tax slabe.?

08 August 2012 No, it is not added

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2012 please guide why ?

08 August 2012 Yes it is exempt u/s 10(37). It is NOT agricultural income, that is why it is specifically exempt u/s 10(37).

Since it is NOT agricultural income, it is NOT TO BE ADDED to gross total income for rate purposes.


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