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?
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
- Refund Annexure-B
- GST Reverse
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Sale of Equity shares for Purchase of Residential Property
- Liable to deduct tds and 44ADA
- Clarification regarding Import E-way bill transaction type // Regular or Bill from Dispatch From
- Non issue of e way bill
- RCM and FCM
- ECO SUPPLY REPORTIONG IN GSTR-1
- Director payment
- GST Cancellation without jurisdiction
- ITC on purchase of commercial property( shop/Godown/offce etc.)
- 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
