Regarding Assets and liabilities schedule of ITR

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This discussion clarifies how to declare the cost of properties received from the government in exchange for urban agricultural land. If no monetary compensation was provided, the cost of the new residential and commercial properties should be based on the value stated in the government's Letter of Intent (LOI). This value should then be used when listing the property in the Assets and Liabilities schedule of your Income Tax Return (ITR).

Jaswinder singh

Jaswinder singh (Querist)
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07 July 2023 Respected Sir/Madam
if any urban agriculture land acquired by Govt and thereafter in place of acquired land, alloted residential and commercial properties as per letter of intent (LOI) without monetary compensation, then in this case whether cost of property currently owned by assessee is considered @ which has mentioned on LOI by Govt?? we considered cost of property in Assets and Liab. Schedule of ITR

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