Exemption on sale of urban agriculture land
This query is : Resolved
Kuldeep Singh Panwar
(Querist)
14 April 2016
WHAT IS THE TAX CONSEQUENCE ON COMPULSORY ACQUISITION BY GOVT., OF URBAN agriculture LAND in 2015-16. IN WHICH SECTION I COVERED ? and govt. acquired land for highway, so does i cover in sec. 10(37) or sec 54B of it act 1961
CA PARAS BAFNA
(Expert)
14 April 2016
This case is covered under Section 10(37) as you have mentioned.
.
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Kuldeep Singh Panwar
(Querist)
17 April 2016
thank you for your precious time and answer sir, but sir govt. paid me compensation from "commercial rate", does it effect on sec. or tax procedure.
22 November 2016
No, this is special section 10(37) for compulsory acquisition of land by government and all compensation under this section are provided as per commercial rate.
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