Tax liability on compulsory acquisition of agriculture land
This query is : Resolved
Vinod Sawant-Bhosale
(Querist)
11 August 2014
Hi,
Agricultural land purchase in Apr 14 now Government acquire this land for MIDC. Value of compensation is more than government valuation.
What is tax liability is it taxable or exempt
please explain in details with IT sections
Agricultural land purchase in Apr 14 now Government acquire this land for MIDC. Value of compensation is more than government valuation.
What is tax liability is it taxable or exempt
please explain in details with IT sections
CA SUNIL K GARG
(Expert)
12 August 2014
pls refer to section 10 (37), urban agricultural land if transfer under compulsory acquisition and if the consideration is determined or approved by govt or RBI , then capital gain is exempt. you have not clarified how the compensation is more than govt valuation.
however if ur case does not fall u/s 10 (37), then u can claim deduction u/s 54 B. becoz u/s 54 B, both short term and long term capital gain amount can be invested to avail deduction
however if ur case does not fall u/s 10 (37), then u can claim deduction u/s 54 B. becoz u/s 54 B, both short term and long term capital gain amount can be invested to avail deduction
Rupesh Jain
(Expert)
12 August 2014
you can claim the 54B it is required that you use for last 2 year for agriculture purpose.
pls wait for other expert view.
pls wait for other expert view.
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