Capital gain regarding compulsory acquisition of ancesteral
This query is : Resolved
Arun Yadav
(Querist)
22 November 2012
if the land was compulsorily acquired by GAIL in 2009 but still ITR has not been filled.
Assesse has received 3 notices of income tax department for calculating of capital gain.
but we have already purchased agricultural land with the money can we now claim exemption from capital gain tax by filing ITR in year 2012
Assesse has received 3 notices of income tax department for calculating of capital gain.
but we have already purchased agricultural land with the money can we now claim exemption from capital gain tax by filing ITR in year 2012
Anand Modi
(Expert)
23 November 2012
No you cannot claim an exemption.
However The capital gain is taxable on compulsary aquisition on receipt basis and not on accrual basis and hence you should see that whether the amount is received in 2009 or it is received afterwards.
However The capital gain is taxable on compulsary aquisition on receipt basis and not on accrual basis and hence you should see that whether the amount is received in 2009 or it is received afterwards.
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