03 September 2010
There is compulsory acquisition of agricultural land & it is long term . It satisfies conditions under sec.10(37). But the agricultural land is transfered for non agricultural purposes. Whether the capital gain is exempted u/s 10(37).if there any supreme court case against claiming the exemption u/s 10(37)
03 September 2010
if agricultural land is compulsorily acquired, then no capital gain tax is payable if it satisfy the conditions of section 10(37). purpose of acquisition is irrelevant. mostly agri land acquired is used for other than agri purposes.
04 September 2010
As per Section 10(37),Nothing has been given aboute use of land by transferee of agroculture land. The only condition for use is - the land should be under use for agriculture purpose by assessee or by any of his parents during 2 years immediately prior to transfer.
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