Capital gain

This query is : Resolved

indu (Querist)
Follow

19 July 2016 hi sir,
i want to know about the treatment of compensation received on aquisition of agricultural land by railways. whether it is taxable as capital gain or not .
secondly one person deposited Rs. 100000/-(one lakh) in pension plan in the name of his wife. the cheque was also given from the account of his wife. can he take exemption u/s 80C for the same . wife is house wife.

thanks

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

19 July 2016 Yes, he can get the deduction u/s 80C for pension plan as said above

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

19 July 2016 read section 10(37) for acquisition.......if you satisfy the conditions, then capital gain may be exempt
(37) in the case of an assessee, being an individual or a Hindu undivided family, any income chargeable under the head "Capital gains" arising from the transfer of agricultural land, where—
(i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2;
(ii) such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by such Hindu undivided family or individual or a parent of his;
(iii) such transfer is by way of compulsory acquisition under any law, or a transfer the consideration for which is determined or approved by the Central Government or the Reserve Bank of India;
(iv) such income has arisen from the compensation or consideration for such transfer received by such assessee on or after the 1st day of April, 2004.
Explanation.—For the purposes of this clause, the expression "compensation or consideration" includes the compensation or consideration enhanced or further enhanced by any court, Tribunal or other authority;
follow the link
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA Saurabh Jadhav

John Ravindran Moses

Shraddha Pangam

Deepak Nayak

Prakash Kaduluri

Subscribe Now

Capital gain

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

GST CONSULTANCY

GST CONSULTANT

CA Final

Accountant

Manager- Finance and Compliance