Tax or exempt????
This query is : Resolved
gowrishankar
(Querist)
21 March 2014
income from compulsory aquisition from state govt of rural agricultural land.
as per sec 10(37) it will exempt or it is taxed i the head of capital gain tax????
other things like the amount which not utilised for purchase of land,building,or construction cases
Nikhil Kaushik
(Expert)
21 March 2014
if the land is rural agriculture land outside the limits prescribed in Section 2(14), then you anyways dont have to worry about capital gains as the whole of such compensation is exempt from taxes.
Where the land is situated within the limits of 2(14), in such cases, subject to satisfaction of conditions prescribed in 10(37), the income shall be exempt.
Where the land is situated within the limits of 2(14), in such cases, subject to satisfaction of conditions prescribed in 10(37), the income shall be exempt.
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