Compulsory acquisition of non agricultural land

 

(Querist)
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


M.com,CS,CA F Tushar Sampat (Expert)
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

Parv Kumar (Expert)
15 November 2017

Capital Gain arise on this transaction...... & same is taxed at 20%



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