banner_ad

Tax liability on compulsory acquisition of agriculture land

This query is : Resolved 
Profile Image

Profile Image

(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
Profile Image

CA SUNIL K GARG

Profile Image

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
Profile Image

Rupesh Jain

Profile Image

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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details