COMPULSORY AQUISITION ON RURAL LAND TAXABLE OR NOT
This query is : Resolved
25 May 2024
DEAR SIR,
ONE OF MY CLIENT'S INHERITED LAND (SITE) SIZE 34 METER ACQUIRED BY STATE HIGH WAY AND COMPENSATION AMOUNT PAID TO MY CLIENT. THE COMPENSATION AMOUNT RECEIVED BY CLIENT IS TAXABLE INCOME OR EXEMPTED U/S 10(37).
IT IS COMPULSORY SHOW IN ITR OR NOT?
BECAUSE THE PROPERTY INHERITED DETAILS NOT CLEARLY PROVIDED. OR
JUST ENTER THE AMOUNT RECEIVED IN EXEMPTION SECTION 10(37).
PLEASE CLARIFY ME
THANK YOU
ONE OF MY CLIENT'S INHERITED LAND (SITE) SIZE 34 METER ACQUIRED BY STATE HIGH WAY AND COMPENSATION AMOUNT PAID TO MY CLIENT. THE COMPENSATION AMOUNT RECEIVED BY CLIENT IS TAXABLE INCOME OR EXEMPTED U/S 10(37).
IT IS COMPULSORY SHOW IN ITR OR NOT?
BECAUSE THE PROPERTY INHERITED DETAILS NOT CLEARLY PROVIDED. OR
JUST ENTER THE AMOUNT RECEIVED IN EXEMPTION SECTION 10(37).
PLEASE CLARIFY ME
THANK YOU
25 May 2024
Show it under exempt income schedule of ITR.
25 May 2024
THANK YOU SIR FOR YOUR REPLY,
UNDER LIST OF FULLY EXEMPTED COLUMN TO SHOW THE AMOUNT U/S 10(37).
IS THERE ANY QUERY WILL RISE BECAUSE THEY DID NOT DEDUCT TDS ON IT.
ANY PROPERTY SITUATED IN RURAL AREA IS EXEMPTED FROM CAPITAL GAIN.
REGARDS
UNDER LIST OF FULLY EXEMPTED COLUMN TO SHOW THE AMOUNT U/S 10(37).
IS THERE ANY QUERY WILL RISE BECAUSE THEY DID NOT DEDUCT TDS ON IT.
ANY PROPERTY SITUATED IN RURAL AREA IS EXEMPTED FROM CAPITAL GAIN.
REGARDS
25 May 2024
TDS not deducted hence it's exempt income no queries will be raised.
Show it fully under exempt income schedule.
Show it fully under exempt income schedule.
25 May 2024
THANK YOU FOR YOUR REPLIES SIR,
REGARDS
REGARDS
25 May 2024
You are welcome..
..
..
31 May 2024
Any compensation received against compulsory acquisition of any land be it rural or urban, agricultural or non-agricultural is exempt from income tax as per the provision of Right to Fair Compensation and Transparency in land Acquisition Rehabilitation and Resettlement Act 2013. Please also refer Circular No. 36 dated 25.10.2016 issued by CBDT. TDS is not required in cse of compulsory acquisition by government. There is no specific column in any ITR for disclosure of such compensation.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- Not able to file ITR
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
