26 August 2011
pls clarify my doubt any one "If the assessee's property compulsory acquired by state govt for central govt project, sec. 10(37) exemption is applicable or not"
27 August 2011
This relates to the Agricultural Land and related provisions are as under
Section 10(37) Income from transfer of Agricultural Land
Income from transfer of Agricultural Land is exempt if following conditions are fulfilled :
such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of Section 2 (land within Municipality, cantonment board having more than 10000 population, within 8 kms from local limits or municipality are not covered)such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by such HUF or individual or a parent of his.
such transfer is by way of compulsory acquisition under any low or a transfer the consideration for which is determined or approved by the Central Government or the Reserve Bank of India. Such income has arisen form the compensation or consideration for such transfer received by such assessee on or after the 01.04.2004
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