Agriculture income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 January 2015
if agricultural land went under water,& govt has paid compensation amt for loss of land to the owner,then is this compensation amt exempt?if yes,under what section?
11 January 2015
It is a capital receipt and exempt from income tax if the land is specifically excluded as per section 2(14) of the IT Act,19161.
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