24 May 2008
I want to know that the amount received as compulsory acquisiton of land by Governemnt is taxable or not. Interest received on compulsory acquistion is taxable of not. Whethter tax will be charged on receipt basis or accrual basis.
24 May 2008
hi, abhishake, let me know that your land is agricultural land or other, and if any capital gain it is taxable on receipt basis, and you can also claim deduction from capital gain under section 54, whatever type of land.
CAclubindia
