Income tax
This query is : Resolved
CA Gaurav Gupta
(Querist)
13 August 2008
Sec.10(37)
if your urban agriculture land is compulsory acquired provided all conditions are satisfied then capital gain is exempt but if it is acquired by central or state govt. will it make any diff.
if your urban agriculture land is compulsory acquired provided all conditions are satisfied then capital gain is exempt but if it is acquired by central or state govt. will it make any diff.
Vivek Banginwar
(Expert)
13 August 2008
If your agricultural land is compulsorily acquired by the Govt. and you have received any compensation by the court then the interest is taxable, but if you or Govt. has filled in an appeal before any appellate authority then your all income has not be taxable till the finalised youe matter. In the Case of C.I.T. Vs. Hindusthan Housing & Land Development Case and C.I.T. Vs. Smt. Janabai Dudhe the same point is discussed.
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