Exemption of 10(37) of sale of property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
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"
"If the assessee's property compulsory acquired by state govt for central govt project, sec. 10(37) exemption is applicable or not"
26 August 2011
if agriculture land fulfill section condition than it is available.
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
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
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
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- TAN for Partnership
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- E way bill for tractors
- STCG FOR GOLD ETFs
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
