Tax liability on compulsory acquisition of agriculture land
This query is : Resolved
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
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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- FORM 26A APPLICABILITY
- Copyright software
- SFT Cash Deposit in Current Account
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
