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sale of rural agricultural land

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(Querist)
30 June 2009 I know that rural agricultural land is not a capital asset, hence, not chargeable to capital gains tax. My query is regarding the utilisation of the payment recd on compulsorily acquisition of the land by the Govt. How that amt can be utilised and in what periods of tme. Please answer as it is very urgent.....
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Ratan Sharma

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Ratan Sharma (Expert)
30 June 2009 Hi,
There is no limitation for the amount or period for the utilisation of payment received on compulsory acquisition. As there is no tax implications in such case you can use the money as per your choice. The capital gain is exempt in case of rural agri land.
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