Taxability of enhanced compensation in case of agreement to

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 October 2017 Dear Sir,
We had sold Agricultural land before 3 years but Sales deed was not executed but Agreement to Sale was considered.But the land is in compulsory acquisition under government rule and the compensation is received in the hands of seller for Rs. 1crore 20 lakhs and the buyer is claiming his rights.
Can you please guide in whose hand the amount will be taxable though the compensation received in the hands of seller and the whole compensation will be transferred in the hands of buyer.What will be the taxability and how to show in books of Accounts

Regards
Sarfaraz Nursumar
8087811562

Amol S Joglekar

Amol S Joglekar (Expert)
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21 October 2017 first check if it falls under section 10(37).......if the same is exempt under 10(37), then no need to go for subsequent details

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