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Compulsory acquisition of land

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(Querist)
27 August 2016 Our Land was compulsory acquired by Govt for a highway project . Payment received during Aug, 2016 with interest for 571 days Rs 80 Lakh. Land is in the Panchayat area but it is 2 KM from municipal area whose population is 25000/-. The land was used for agricultural purposes continuously. Please clarify if the amout comes under capital gain in the current year or later years.
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ACA Anurag

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ACA Anurag (Expert)
28 August 2016 Dear Pankaj, Section 10(37) is meant to grant exemption in case of compulsory acquisition of agriculture land by the way Government. That too- Urban Agriculture Land. as if you covered under urban land so it will not attract capital gain. kindly like if my response has helped you
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Amol S Joglekar

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Amol S Joglekar (Expert)
28 August 2016 you need to check if you satisfy the conditions as laid down in section 10(37) of income tax act

https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
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