Compensation received from government contractor
This query is : Resolved
18 March 2019
In Gujarat for the purpose of fulfillment of Sauni Yojna, government installing very huge pipelines through government contractors.
Compensation is paid by the contractor in respect of
- Growing crop
- Any Building
- Bore-well or Deep-well etc..
or against any damage to the person to whom any such damages occurred.
What will be tax treatment for such amount received for compensation only and not for acquisition? Will it be taxable or non - taxable?
Compensation is paid by the contractor in respect of
- Growing crop
- Any Building
- Bore-well or Deep-well etc..
or against any damage to the person to whom any such damages occurred.
What will be tax treatment for such amount received for compensation only and not for acquisition? Will it be taxable or non - taxable?
18 March 2019
* Growing crops - Agrl. income being compensation for revenue loss.- exempted
income.
* Any Building - Capital receipt.- non taxable.
* Bore well/deep well - Capital receipt.- non taxable.
income.
* Any Building - Capital receipt.- non taxable.
* Bore well/deep well - Capital receipt.- non taxable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Free lancer income
- GST ON DAMAGED GOODS
- Specified Profession
- LTCG for Assmt year 26-27
- Tax liability on income of freelancer
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
