Capital gain
This query is : Resolved
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 ?
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.
.
.
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Section 50-fixed asset-->building ceases to exist
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Putting a heading on received mail
- Experts need help
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Gift Received from nonblood relative
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
