capital gain

This query is : Resolved

Sowmya.S.Balan

Sowmya.S.Balan (Querist)
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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)

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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03 September 2010 In ur case Capital gain is exempted u/s 10(37)

mohinder kansal

mohinder kansal (Expert)
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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.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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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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