One of my client received a compensation for land acquire by govt. for development in maharashtra. say 50 lakh, in normal course of business he fall in no Taxable income i.e income below 3 lakh. So what will be treatment for such received compensation. means its taxable income or exempt or what and its treatment in ITR and whether it need to show in P&L as indirect income or shown under capital account.
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Compensation income
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If the land is acquired under RFCTLAAR act, 2013, it is exempt. So, check under which act its acquired.
Thanks Sir,
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