Compulsory Acquisition of Land by_NHAI
This query is : Resolved
Ninad kolankar
(Querist)
19 May 2022
Hello Experts,
My company had acquired another company, in their books they had a land in Fixed Assets. Part of land is acquired by the NHAI and paid us the compensation. This compensation is less than the actual cost of the part of land that is acquired.
Request you to kindly let me know the accounting treatment and Income tax treatment for the same.
Thanks in Advance.
My company had acquired another company, in their books they had a land in Fixed Assets. Part of land is acquired by the NHAI and paid us the compensation. This compensation is less than the actual cost of the part of land that is acquired.
Request you to kindly let me know the accounting treatment and Income tax treatment for the same.
Thanks in Advance.
CA R SEETHARAMAN
(Expert)
19 May 2022
Such payment is exempt from Income tax.
Credit the receipt to cost of the land.
Credit the receipt to cost of the land.
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