15 October 2012
HELLO RURAL AGRICULTURE LAND IS ACQUIRED BY THE COMPANY IN COMPULSORY ACQUISITION METHOD. AND THE COMPANY PURPOSE OF ONLY EXPANSION OF HIS PLANT. ALSO ASSESSES WAS RECEIVED AMOUNT OF COMPENSATION FOR THE ABOVE METHOD ARE THIS AMOUNT CHARGEABLE TO TAX IN THE INCOME TAX CAPITAL GAIN OR NOT ?
15 October 2012
In case the recipient of sales consideration/compensation or his parent(s) had carried out agriculture operations within the period of two years immediately prior to the date of transfer of such agriculture land, no Capital Gain Tax will be payable. . The purchaser may use land for any purpose. Tax incidence is based on the type of use by the transferor of the Rural Agriculture Land. .
16 October 2012
THANKS SIR, BUT THIS LAND WAS NOT USED BY THE ASSESSES FOR AGRICULTURE PURPOSE BECAUSE OF THIS LAND NEAR BY HUGE FACTORIES AND ASSESSES WAS NOT CARRIED OUT GOOD AGRICULTURE PRODUCTS PRODUCED AND THAT TIME COMPANY WAS FORCING TO SALE OF THIS LAND BY STATE GOVERNMENT NOTIFICATION BASED ON. SO, PLEASE TELL ME WHAT IS THE EFFECT OF THIS COMPENSATION TRANSLATION IN THE INCOME TAX POINT OF VIEW AND RURAL LAND POINT OF YOU ALSO.
CAclubindia
