Capital Gains Tax Agricultural Land

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CMA Omkar.TIlve (Querist)
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20 February 2022 Mr X held agricultural land (anscestral) which was compulsorly acquired by NHAI for highway construction. X received compensation less TDS u/s 194LA. X doesn't have any other taxable income.

Q: Where to report this income in income tax form so as to claim exemption

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 February 2022 Under Section 10(37) of the Income Tax Act, Capital Gains on compensation received on compulsory acquisition of urban agricultural land is exempt from tax.

Show it in exempt income schedule with reference to section 10(37) claim refund of TDS.

CMA Omkar.TIlve

CMA Omkar.TIlve (Querist)
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21 February 2022 Thank You so much Sir

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