Income tax on compulsory acquisition of agriculture land
This query is : Resolved
manoj kachkure
(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.
Devansh Jain
(Expert)
20 November 2017
not taxable (capital gain is exempt)
manoj kachkure
(Querist)
20 November 2017
Thanks sirji
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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