Hai Friends,
I have a doubt regarding capital gain on compulsory acquisition of Land by Corporation . The Land was acquired by one municipal corporation for a public utility purpose . The acquisition was done under the Land Acquistion Act. & the amount of compensation was determined by the special thahasildar. The compensation was determined during March 2010 and an advance amount received during the same month. The balance compensation was received during July 2010. The Authority had already deducted TDS under section 194 LA on payment basis. Whether the amount of capital gain is taxable on receipt basis or on due basis. Whether the same is taxable under section 45(5)
CAclubindia
