Treatment of compulsory acquisition of non agricultural land
This query is : Resolved
18 April 2017
If the government has made compulsory acquisition of non agricultural land, then what is the treatment under the Income Tax Act.
Is it taxable or not????
Is it taxable or not????
18 April 2017
Taxable, subject to deduction available , if any,under section 54
19 April 2017
Sir,
CBDT Clarification Circular on Non Taxability of the Compulsory Acquisition of Non-Agricultural Land, i.e. compensation received by land owners for acquisition under ‘Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (RFCTLAAR)
Is this act not applicable in the situation???
CBDT Clarification Circular on Non Taxability of the Compulsory Acquisition of Non-Agricultural Land, i.e. compensation received by land owners for acquisition under ‘Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (RFCTLAAR)
Is this act not applicable in the situation???
19 April 2017
Please suggest any solution
19 April 2017
Thanks to the insight. Exempted from Income tax vide CBDT Circular 36/2016 dated 25.10.2016. Error is regretted.
19 April 2017
How to show this income in ITR form
and which head?
and which head?
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