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capital gain
is compensation received for compulsory acquisition of agriculture land taxable as a capital gain
Replies (3)
Nope, exempt u/s 10(37) if urban agricultural land.
And rural agricultural land not considered as capital asset u/s 2(14) so no CG in any case.
And rural agricultural land not considered as capital asset u/s 2(14) so no CG in any case.
1-If your land is rural agricultural land,no capital gains because such land is not a capital assest
2-If your land is urban agricultural land, your capital gain is exempt under sec 10(37).For this exemption there are some conditions to avail such benefit.
2-If your land is urban agricultural land, your capital gain is exempt under sec 10(37).For this exemption there are some conditions to avail such benefit.
if urban agri land is compulsary acquired then income is exempt. but if sale of urban agri land then it is tacable as capital gain.
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