Compulsory acquisition of non agricultural land
This query is : Resolved
14 November 2017
sir
Govt of bihar has acquired my non agriculture land and paid rs 76 lac as compensation . does it attract income tax
Govt of bihar has acquired my non agriculture land and paid rs 76 lac as compensation . does it attract income tax
14 November 2017
Pls go through this link for same :
https://www.taxmann.com/topstories/104010000000049477/compulsory-acquisition-of-non-agricultural-land-is-also-tax-free-under-new-land-acquisition-act-cbdt.aspx
https://www.taxmann.com/topstories/104010000000049477/compulsory-acquisition-of-non-agricultural-land-is-also-tax-free-under-new-land-acquisition-act-cbdt.aspx
15 November 2017
Capital Gain arise on this transaction......
& same is taxed at 20%
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12 October 2021
The Central Board of Direct Tax vide the Circular No.36/2016 dated 25.08.2016 came out with a clarification that the exemption provided under Section 96 of the RFCTLARR Act is wider in scope than the tax-exemption provided under the existing provisions of Income-tax Act, 1961. Hence, compensation received in respect of non agricultural land which has been exempted from levy of income-tax vide section 96 of the RFCTLARR Act shall also not be taxable under the provisions of income-tax Act, 1961 even if there is no specific provision of exemption for such compensation in the Income-tax Act, 1961
Therefore, the consideration received from compulsory acquisition of land will be exempt in Income tax.
Therefore, the consideration received from compulsory acquisition of land will be exempt in Income tax.
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