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Tax laibility in case compulsory Aquisition on Agri. land

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(Querist)
12 August 2009 Dear member

Will u help me . i wnt to knw about tax laibility in case capital gain on compulsory aquistion on agriculture land by state govt.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 August 2009 Capital gain on transfer of agricultural land is exempt u/s 10(37) 0f the Income tax Act,1961 w.e.f assessment year 2005-06 provided the assessee should satisfy four conditions mentioned therein.
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