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Income tax on compulsory acquisition of agriculture land

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(Querist)
20 November 2017 Hi, pls guide me @ income tax liability on compulsory acquisition of agriculture land by MSRDC situated within 8 Km from muncipal limits, is it taxable or not? If yes then tax rate.
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Devansh Jain

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Devansh Jain (Expert)
20 November 2017 not taxable (capital gain is exempt)
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manoj kachkure

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manoj kachkure (Querist)
20 November 2017 Thanks sirji
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
12 October 2021 Capital gains arising on compulsory acquisition of such agricultural land is exempt under section 10(37) of IT act.
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