Capital gain

SHIVANI MAHESHWARI (CA) (548 Points)

15 July 2014  
Please Suggestme on following facts with relevant section and judicial case laws- Assesse’s immovable property had taken over by central government under law running time being in force . assesse received Compensation of Rs. 2 Lacs in FY 13-14 and Balance compensation of Rs. 6 Lacs will Receivable in next years ( date is not Fixed). Calculate the tax liability of the assess for FY 13 – 14 assuming asseesse is 55 years old and asset is Long term capital asset and assesse is having no other income and Cost of Acquisition/Improvement is Zero