Capital gain
This query is : Resolved
MANOJ SINGHANIA
(Querist)
07 April 2016
I AM WORKING IN A CO HAVING TEA GARDEN IN ASSAM. THE GOVERNMENT HAS ACQUIRED LAND FOR HIGHWAY PROJECT. THE INCOME FROM TEA HAS COME UNDER 60:40 RATIO. PLS TELL ME ANY CAPITAL GAIN ARISES FROM SALE PROCEED RECEIVED FROM GOVERNMENT.
Soumitra Basu
(Expert)
09 April 2016
THE INCOME FROM TEA AS PER RULE 8 IS TAXABLE UNDER CENTRAL INCOME TAX AT A RATIO OF 40:60 NOT 60:40.
THE AMOUNT RECEIVED IS FROM ACQUIRE OF AGRICULTURAL LAND AND THEREFORE IT IS OUTSIDE OF CAPITAL GAIN TAX.
THE AMOUNT RECEIVED IS FROM ACQUIRE OF AGRICULTURAL LAND AND THEREFORE IT IS OUTSIDE OF CAPITAL GAIN TAX.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
