Tax on Land acquired for development of Highway
This query is : Open
20 February 2021
Sir,
One of our client has received compensation for acquisition of his land, well, and his house. The land is agriculture land and is not a capital assets. The TDS has been deducted. Will we be liable for any capital gain. under which section can we claim the exemption.
One of our client has received compensation for acquisition of his land, well, and his house. The land is agriculture land and is not a capital assets. The TDS has been deducted. Will we be liable for any capital gain. under which section can we claim the exemption.
22 February 2021
You can claim exemption on agriculture land in Other Exempt Income.
However, the compensation on house will be taxable
However, the compensation on house will be taxable
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