i got compansation from govt by complulsary agriculture land aquisition by govt in year 2007-08. can it attract capital gain tax on this compansation. my land is in rural area ,8km away from municipality, village population is less than 10000.
now where should i invest this compansation?
Agricultural land situated in rural area is not a capital asset.
It is not taxable.
Ya... I agree wid dem
Compulsory Acquisition of Uban Agricultural Land is exempt from tax - u/s 10(37) as clearly said by Mr.Amir...
Rural Agricultutal Land is not a Capital Asset...
CAclubindia
