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