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Agriculture income

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Querist : Anonymous

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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?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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