Compulsory acquition of land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 April 2015
My assesse have owned Agricultural Land in Rural Area and it was acquired by the Union and given compensation worth Rs.1,17,30,000/-
Now My question is it is Taxable in the hands of the Assesse.
Now My question is it is Taxable in the hands of the Assesse.
CA PARAS BAFNA
(Expert)
14 April 2015
No, Rural Agriculture Land is not covered under the definition of Capital Asset and as such no taxable capital gain arises on transfer of a non-capital asset.
.
It is not taxable. The income is exempt U/s 10(37) also.
.
.
It is not taxable. The income is exempt U/s 10(37) also.
.
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