Can any body have some idea about taxation of compensation (in return land received at some other place) received on compulsory acquisition of land?
My question is typical to tax treatment on sale of land received on compulsory acquisition?
1 Replies
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 23 August 2014
in case of agricultural land, no Capital Gains.....
in case of other lands... fmv of new land given will be said to be sales consideration for old land...
and diff of this value (fmv of new land) and indexed coa of land compulsorily acquired will be treated as long term capital gain..
if you need to claim exemption of this capital gain then you need to invest sum equal to capital gain in new residential property or in bonds of NHAI or REC, subject to conditions mentioned in sec 54F and 54EC respectively.
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