Taxability of compulsory acquisition of urban land
This query is : Resolved
02 December 2015
URBAN AGRICULTURE PLOT SITUATED IN MUNICIPAL AREA WAS ACQUIRED UNDER LAND ACQUISITION ACT BY THE GOVT. OF INDIA WHETHER AMOUNT RECEIVED AS COMPENSATION WILL BE TAXABLE OR NOT. PLEASE REPLY WITH SUPPORTED SECTION.
02 December 2015
There will be no Capital Gains on Transfer of Rural Agriculture Land but if Urban Agriculture Land is transferred then it is to be proved that it is used for Agriculture(maximum 8 kilometres limit) purpose by him or his parents for a period of immediately preceeding 2 years.
If it is not used for Agriculture then it will be taxable but exemption under section 54 can be claimed if such respective investments are made(54EC, 54B and 54F)
If it is not used for Agriculture then it will be taxable but exemption under section 54 can be claimed if such respective investments are made(54EC, 54B and 54F)
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
- House Property Reporting in ITR
- Refund Annexure-B
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Rent lease agreement
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
