Compensation Received from government
This query is : Resolved
24 September 2019
We have received compensation received from government for use of land to underground pipeline of rs 600000(Approx). Whether taxable or not ? Under income tax ? If it is taxable then which head of income is to be considered and under which section ?
24 September 2019
If the land is an agricultural land compensation will be treated as agricultural income exempt from tax.
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